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Trend Score Metatrader 5 Forex Indicator

    The Trend Score Metatrader 5 forex indicator was first introduced in the article “Rating Trend Strength” in the S&C magazine, September 1993 edition by Tushar S. Chande.

    The indicator is known to define both power and direction of a trend.

    The indicator has distinct overbought and oversold regions that are placed above and below the 5 and -5 levels respectively.

    The Trend Score MT5 indicator has a variable (Period method) under the inputs parameter.

    It allows currency traders to select between “Use Period” and “Do not use period”, where the former offers smoother results, while the later produces a lot of noise (and will require further filtering).

    Free Download

    Download the “Trend_Score.ex5” MT5 indicator

    Example Chart

    The EUR/CAD H1 chart below displays the Trend Score Metatrader 5 forex indicator in action.

    Basic Trading Signals

    Buy Signal: Go long if the blue line of the Trend Score Metatrader 5 forex indicator rises back above the the zero signal line from the oversold region (below the -5 level).

    Sell Signal: Go short if the blue line of the Trend Score Metatrader 5 forex indicator falls back below the  the zero signal line from the overbought region (above the 5 level).

    Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the blue line of the Trend Score indicator breaks below the 5 level (overbought region).

    Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the blue line of the Trend Score indicator breaks above the -5 level (oversold region).

    Tips: The Trend Score indicator is a pretty straightforward and informative technical tool that allows the exclusion of psychological and emotional effects from trading.

    Use it for your scalping, day trading and swing trading strategies.

    Download

    Download the “Trend_Score.ex5” Metatrader 5 indicator

    MT5 Indicator Characteristics

    Currency pairs: Any

    Platform: Metatrader 5

    Type: chart window indicator

    Customization options: Variable (Price method, Period method, Period, Overbought, Oversold), width & Style.

    Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

    Type: oscillator | overbought/oversold

    Installation

    Copy and paste the Trend_Score.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)

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