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 confirmed. 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 confirmed). 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 
