Trend power and direction indicator
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Trend power and direction 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.
Description & Settings
This indicator paints the candlesticks in different colors depending on a trend power and direction.
The indicator is based on five symmetrical with different deviation input parameters values. Breakout of the channel with a big deviation value results in a brighter color of a candlestick. Spring green color shades are used for the rising market, while maroon color shades are intended for the falling market.
Five deviation levels and ten colors for trend display are used. In case the weakest deviation level is not passed, the candlesticks are not colored and have a common coloring.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the
terminal_data_folder
\MQL5\Include). The use of the classes was thoroughly described in the article .
