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Traditional iTrend Indicator
Info
The Traditional iTrend Indicator is a Indicator for MetaTrader 4 that the itrend indicator provides a comprehensive view of market trends by combining the bollinger bands and elder's power indicators. Here's how to interpret the indicator:- If the red line is above zero and rising, initiate a bullish position.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Traditional iTrend Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The iTrend indicator provides a comprehensive view of market trends by combining the Bollinger Bands and Elder's Power indicators.
Typical Use Case
This Indicator excels in trend following on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Traditional MACD with Momentum Indicator and Alarms - another powerful indicator for MetaTrader 4 traders.
The iTrend indicator provides a comprehensive view of market trends by combining the Bollinger Bands and Elder's Power indicators.Also recommended: Moving Average Convergence Divergence - similar indicator with strong performance on MetaTrader 4.
Here's how to interpret the indicator:
- If the red line is above zero and rising, initiate a bullish position. If the blue line is below zero and falling during this time, the uptrend is strengthening.
- If the red line is below zero and falling, take a bearish position. If the blue line is above zero and rising, the downtrend is intensifying.
Common parameters:
- "Apply to": Select the price data to which the indicator is applied (e.g., close, open).
Parameters for the trend direction line (red line):
- "Mode": Choose the Bollinger Bands line used for iTrend calculation (main, top, or bottom).
- "Period": Set the iTrend indicator period.
- "Deviation": Adjust the iTrend indicator deviation.
Parameters for the trend strength line (blue line):
- "Period": Specify the period for the iTrend trend strength line, derived from Elder's Power indicators.
You may also like: macd with histogram indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
/*
name := itrend 1.01
author := andrew
link := http://anri.aney.ru/forex/
notes := trend indicator
separate window := yes
first color := blue
first draw type := histogram
first symbol := 217
use second data := yes .......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.