trend signal
Info
The trend signal is a Indicator for MetaTrader 5 that trend signal trend-following indicator specifies the change of a trend when close price breaks through the specified range of bars upwards or downwards. the risk parameter allows defining the distance from the extreme price for this period.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use trend signal
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
trend signal trend-following indicator specifies the change of a trend when close price breaks through the specified range of bars upwards or downwards.
Typical Use Case
This Indicator excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Global Macro Trend Agreement Indicator - another powerful indicator for MetaTrader 5 traders.
trend signal trend-following indicator specifies the change of a trend when close price breaks through the specified range of bars upwards or downwards.the risk parameter allows defining the distance from the extreme price for this period.we define it as a percentage of the range for this period.
Also recommended: Bands Stoch RSI Extreme Reversal Signals - similar indicator with strong performance on MetaTrader 5.
it has two configurable parameters:period
- range calculation period
risk
- percentage of range over period
calculation:
if prevclose < max and close > maxupward breakthrough = bullish signal
if prevclose > min and close < mindownward breakthrough = bearish signal
where:
max = max-(max-min) * risk / 100.0min = min+(max-min) * risk / 100.0max, min are the highest and lowest prices within the period interval
You may also like: SHK Heikin Ashi MACD Signal Arrows for MT5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.