Trend Score Metatrader 5 Forex Indicator
The Trend Score Metatrader 5 forex indicator was first introduced in the article “Rating Trend Strength” in the S&C magazine, September 1993 edition by Tushar S. Chande.
The indicator is known to define both power and direction of a trend.
The indicator has distinct overbought and oversold regions that are placed above and below the 5 and -5 levels respectively.
The Trend Score MT5 indicator has a variable (Period method) under the inputs parameter.
It allows currency traders to select between “Use Period” and “Do not use period”, where the former offers smoother results, while the later produces a lot of noise (and will require further filtering).
The EUR/CAD H1 chart below displays the Trend Score Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long if the blue line of the Trend Score Metatrader 5 forex indicator rises back above the the zero signal line from the oversold region (below the -5 level).
Sell Signal: Go short if the blue line of the Trend Score Metatrader 5 forex indicator falls back below the the zero signal line from the overbought region (above the 5 level).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the blue line of the Trend Score indicator breaks below the 5 level (overbought region).
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the blue line of the Trend Score indicator breaks above the -5 level (oversold region).
Tips: The Trend Score indicator is a pretty straightforward and informative technical tool that allows the exclusion of psychological and emotional effects from trading.
Use it for your scalping, day trading and swing trading strategies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Price method, Period method, Period, Overbought, Oversold), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | overbought/oversold
Copy and paste the Trend_Score.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)