trend indicator based on recent price action and rsi
Info
The trend indicator based on recent price action and rsi is a Indicator for MetaTrader 4 that this is a trend indicator that analyzes the highs and lows of the last 16 candles to determine the direction of the trend. it also provides an indication of whether the rsi is favourable or unfavourable in the direction of the trend.
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 trend indicator based on recent price action and rsi
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
this is a trend indicator that analyzes the highs and lows of the last 16 candles to determine the direction of the trend.
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: External Range Liquidity (ERL) Indicator: Advanced Market Structure and Liquidity Analysis - another powerful indicator for MetaTrader 4 traders.
this is a trend indicator that analyzes the highs and lows of the last 16 candles to determine the direction of the trend. it also provides an indication of whether the rsi is favourable or unfavourable in the direction of the trend.Also recommended: B Bands Psar Indicator - similar indicator with strong performance on MetaTrader 4.
key features
- uses recent price action to determine trend direction
- incorporates rsi to confirm trend strength
- provides a clear indication of favourable or unfavourable trend conditions
You may also like: Fast Stochastic Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property indicator_chart_window
double rsi;
int i, dig, trend;
double avghighs, avglows;
string trendtxt, rsistate;
color trendcolor;
int init(){}
int deinit()
{
comment("");.......
⚠ 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.