Trend Old MQ4 Trading Indicator – Trend indicator with a multitude of settings. Displays the direction (red) and strength (blue) of the trend as a two-colored histogram. The main signals are the crossing of the zero line, reaching a new high/low, divergence.
If the red graph is greater than zero and grows – go bullish (if at the same time the blue graph is less than zero and falls – the uptrend is getting stronger)
If the red graph is less than zero and falls – go bearish (if at the same time the blue graph is greater than zero and grows – the downtrend is getting stronger)
- “Apply to“: The basis for the indicator calculation. In this case, it is the price – Close, Open etc.
- Parameters of the trend direction line (red line): The trend direction in the iTrend is calculated based on the Bollinger Bands technical indicator, and therefore the iTrend trend direction has the same settings as Bollinger Bands:
- “Mode“: Specifies the Bollinger Bands line to use in the calculation of the iTrend: Main, Top or Bottom.
- “Period“: The period of the iTrend indicator
- “Deviation“: The deviation of the iTrend indicator
- Parameters of the trend strength line (blue line): The line of the trend strength in the iTrend is calculated based on the technical indicators by Alexander Elder – Bears Power and Bull Power
- “Period“: The of the iTrend trend line.