Colored trend indicator advanced is a trend indicator that is based on Fast Moving Average and Slow Moving Average and also uses RSI and Momentum to give a trend strength in percent. It is aimed to find more healthy trends with this indicator. This indicator can be used alone as a trend indicator.
Colors
- (Default) Green = Uptrend
- (Default) Red = Downtrend
- No color = No trend, no good trend
Indicator Parameters
- WarnPosTrendchange: Warns you when the trend may change.
- FullColor: See screenshot.
- Signal Period: the number of bars used for the indicator calculations.
- Slow MA period: Period for the slow moving average.
- Fast MA period: Period for the fast moving average.
- MA method: Default is EMA (Exponential moving average).
- ColorUpTrend: Color for bullish trend.
- ColorDownTrend: Color for bearish trend.
- RsiPeriod: Period for the RSI indicator.
- RsiPriceAPLL: Price type used for RSI indicator.
- MomentumPeriod: Period for the Momentum indicator.
- MomentumPriceAPLL: Price type used for Momentum indicator.
- StrongnessPercent: 100 is good for low timeframes. When using higher timeframes, use a smaller number. It is possible to enter more than 100% but I do not recommend it.
- StrengthRounding: Round trend strengths at 5 percent (18% becomes 15%, 3% becomes 0%, 78% becomes 75%, etc.).
- ShowSpread: Show Spread label on chart.
- ShowServertime: Show Server time label on chart.
- renewTimeMilliSec: Refresh time for spread and server time in milliseconds.
- LabelColor: Color for spread and server time label.
- Works on all timeframes.
- Works on all currencies.
Default parameters are optimized for low timeframes (EURUSD M5). To use the indicator on a higher timeframe, you have to adjust the parameters.
If you have any questions, feel free to ask.
