The Idea Trend Metatrader 5 forex indicator is designed to define the trend direction threshold using histograms within the indicator window.
To do this the indicator has three input parameters:
Period – defines the period of calculation;
Method – defines the method of calculation;
Threshold – defines the threshold of the trend direction.
The formula that explains the IdeaTrend MT5 forex indicator is as follows:
Idea = (MAH – MAC) / (MAC – MAL)
MAH = MA(High, Period, Method)
MAL = MA(Low, Period, Method)
MAC = MA(Close, Period, Method)
The AUD/USD H1 chart below displays the Idea Trend Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the green colored histogram columns of the Idea Trend Metatrader 5 forex custom indicator form below the “Direction Trend Threshold.”
Sell Signal: Go short when the red colored histogram columns of the IdeaTrend Metatrader 5 forex custom indicator stretch past the “Direction Trend Threshold.”
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a red colored histogram column of the Idea Trend indicator stretches past the “Direction Trend Threshold.”
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a green colored histogram column of the Idea Trend indicator forms below the “Direction Trend Threshold.”
Tips: Traders who wish to scalp the market for consistent profits, should add the Idea Trend Metatrader 5 forex indicator to their list of usable technical tools.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Method, Threshold), 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 IdeaTrend.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)