Description

Shows whether market is trending or not, to what extent, which direction, and if the trend is increasing. The indicator is very useful for trend following strategies. The indicator can also alert when the market transitions from being flat to trending, which can serve as a great entry point. The alert is controllable directly from the chart, with an on-chart tick box to enable the alert.

Also includes bonus indicators of current spread and ask/bid prices in large text, color coded as price changes.

Usage

Entry should be made when the indicator line is above the 100 level, i.e. not yellow, and the vertical histogram bars are present and of the same color. The histogram bars appear when the direction is /confirm/ied. If purple then the direction is confirmed but the trend is weakening. Green color signals buy/long and red signals sell/short. Do not open a trade if no histogram bars are present.

Early entry: An early entry could be considered if either the vertical histogram bar green/red is present but the indicator line is still yellow, or the histogram bar is purple but the indicator line is above 100, i.e. colored green/red.

The optional alert is controlled via on the chart tick box, by default shown on the bottom left of the chart. The alert will be raised when the market transitions from flat to trending. The number of pips since the alert was raised is shown in the panel.

For the alert to work you must leave the chart open with the indicator placed on the chart. The alert can be set to pop-up, play wav file sound, email or notification.

A bonus spread indicator will show the current spread, which can be configured to change color if the spread has gone too high. Also current ask/bid prices can be shown in big text. The prices will be colored green if gone up, red if gone down or yellow if stayed the same. The indicators are optional and fully configurable.

Indicator Inputs

Variable	Description
Main_alertOnDefault	Set to true for alert to be on by default when indicator is placed onto a chart
Main_alertShowPriceLine	If set to true will show horizontal price line on chart of the price when an alert was raised
Main_alertLineStyle	Line style of the above alert price line
Main_alertThreshold	Value of indicator for when alert happens. Default is 100 (trending /confirm/ied).
Main_histogramThreshold	Value of indicator for when histogram appears. Default is 90 (trending likely).
Col_alertSell	Color of alert price line if a sell alert
Col_alertBuy	Color of alert price line if a buy alert
Box_corner	Which corner of the chart to show the alert's control panel. Default is bottom left.
Box_X	X co-ordinate of where the show the alert's control panel
Box_Y	Y co-ordinate of where the show the alert's control panel
Gen_GUIFontSize	Font size for label on control panel
Gen_GUIFont	Font name used on control panel
Gen_lineLabelFontSize	Font size of text label used on horizontal price lines
Gen_alertPopUp	If true then will alert via pop-up window (note, on strategy tester will appear in Journal)
Gen_alertSound	If true will alert via playing of wav file
Gen_alertSoundWavFile	Wav file fame, use if Gen_alertSound is set to true
Gen_alertMail	If true then will alert via email, as configured in your metaTrader terminal
Gen_alertNotification	If true then will alert via push notification, as configured in your metaTrader terminal
Gen_colorLabel	Color used for labels in the control panel
Gen_colorSell	General color to use for sell
Gen_colorBuy	General color to use for buy
Gen_colorSellBuy	General color to use when transitioning from buy/sell
Gen_askBidPricesShow	If true when will show ask/bid prices on the chart
Gen_askBidPricesCorner	Which corner of the chart to show the ask/bid prices
Gen_askBidPricesX	X co-ordinate of ask/bid prices
Gen_askBidPricesY	Y co-ordinate of ask/bid prices
Gen_askBidPricesSizeAsk	Font size of ask price
Gen_askBidPricesSizeBid	Font size of bid price
Gen_spreadShow	If true then will show current spread
Gen_spreadCorner	Which corner of the chart to show the spread