Prevailing Trend Metatrader 5 Forex Indicator
The Prevailing Trend Metatrader 5 custom indicator is designed to show the prevailing trend as two components – the bullish and the bearish part, which are basically depicted as two distinct lines: where the upside stands for the bullish component and the downside represents the bearish one.
There are two input parameters that are available on the Prevailing_Trend MT5 forex indicator:
Period – defines the period for calculation;
Method – defines the method for calculation.
The calculation that explains the Prevailing_Trend MT5 indicator is as follows:
Up = the Moving Average of bullish candlesticks that defines the period
Down = the Moving Average of bearish candlesticks that defines the period
In order to simplify things, the Prevailing_Trend Metatrader 5 indicator issues buying signals when its green line intersects above the red line, while a selling alert is imminent when the red line crosses above the green line.
The wider the distance between the red and green lines, the stronger the trend.
If for instance during a bullish signal, the green line moves to the upside while the red line moves increasingly to the downside, creating an even wider gap, we can now say that we are in a strong bullish trend.
The Prevailing_Trend MT5 indicator shouldn’t be used in isolation, but rather in combination with other technical tools, especially volatility finder like the Bollinger Bands.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Method), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Prevailing_Trend.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)