The Trend Quality Metatrader 5 custom indicator is commonly referred to as TQ, is an oscillator that is credited to David Sepiashvili as presented in his article Detecting and Determining Trend – Trend-Quality Indicator.
The TQ MT5 indicator comes loaded with six input parameters:
Period fast – defines the fast EMA period;
Period slow – defines the slow EMA period;
Scalar trend period – defines the scalar trend value period;
Scala noise period – defines the scalar noise value period;
Scalar correction factor
Applied Price – Defines the price used for the calculation
The bullish signal is believed to be strong and consistent when the histograms of the Trend Quality oscillator gets above the zero and also the indicator line that is filled blue under such circumstances.
A bearish trend is said to take shape when the histograms of the Trend Quality oscillator pushes below the zero mark, even so if the candlestick dives below the blue indicator line, a bearish signal is said to be imminent.
When red histograms pops up above the zero level, it is an indicator of a pullback, while green histograms that pops up below the zero level is indicative of a pullback.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (period fast, period slow, scalar trend period, scalar noise period, scalar correction factor, Applied price), 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 TQ.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)