The indicator of the first price change derivative or simply trend speed and sign. Color indication has four states. Light colors correspond to strong trends, dark – to weak trends and a flat. For longs correspond blue shades of indication, for short – red shades.
For each timeframe you should empirically define flat corridor value determined using LowLevel and HighLevel input parameters. As you will become a little experienced after a couple of days of the indicator observation, you can easily and with a high probability predict the trend and its approximate strength. No one should ever enter, if the chart is in the specified corridor from the purple Dot Dashes. You should enter when you are outside the corridor. It gives you a guarantee that you won’t catch Stop Loss and can get some profit from the deal under a certain experience.
This indicator was first implemented in MQL4 and published in Code Base on 16.10.2007.
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 “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
MT5 Indicator – Download Instructions
SmPriceBend-T01 is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
SmPriceBend-T01 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install SmPriceBend-T01.mq5?
- Download SmPriceBend-T01.mq5
- Copy SmPriceBend-T01.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on SmPriceBend-T01.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator SmPriceBend-T01.mq5 is available on your Chart
How to remove SmPriceBend-T01.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: