Trend Score
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 Score
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
The indicator can be calculated both with a period and without it. If a period is used: if the price is higher than the previous one, the trend is 1. If the price is less than the previous one, the trend is -1. If the price is equal to the previous one, the trend is 0. Accordingly, Trend Score is the sum of trends over the specified period. In the second case, with each change of the direction the indicator value is reset to zero. For example: if we have a sequence of two bearish, one bullish, a doji and three bullish bars, the values of the indicator are as follows: -1, -2, 1, 0, 1, 2, 3...
1. The indicator with a period. The period is also the module of the maximum and minimum possible values of the indicator. It may be noted that in certain ranges of the period values (5 to 20), the closer is the current value of the indicator to the period value, the closer is the completion of the trend.
2. The indicator without the period. At first glance, there is little use in the TrendScore without the period - in fact it just shows the number of bullish and bearish bars in each series, which is well seen on the chart. However, note that the "sawtooth" sections of the indicator - i.e. those with 5 or more of the indicator values in the range [-1; 1] - in many cases we get a horizontal channel, whose breakthrough we can use.
