Elder indicator.

Often this indicator is also called “Bulls-Bears”, since its main task is to identify a change in trend.

Elder indicator - gives signals about a trend change and evaluates its strength, which allows you to prepare in advance for a market reversal.

This is a fairly advanced tool that has simple settings and excellent visual display of the received data.

The indicator can be classified as an oscillator, as it tries to get ahead of the market a little and warn the trader about upcoming changes.

Having downloaded the resulting Forex script at the end of the article and installed the resulting Forex script , you will see the following picture in a separate window:

• Yellow and blue lines - blue characterizes a bearish trend, yellow is respectively responsible for the actions of bulls.

The intersection of the lines indicates a possible trend reversal. • Red bars are a diagram of the strength of the current dominant trend; logically, the longer the bar, the less likely it is to reverse, but as you can see in the figure, this rule is violated quite often.

• Zero line - is responsible for the general trend; with an upward trend, the lines and the histogram are in the upper part, and with a downward trend - in the lower part.

It should be noted that the Elder indicator records not only a trend reversal , but also a correction, so line intersections occur quite often, but this does not at all indicate a change in the global trend.

We can talk about a reversal if both lines move above the zero line.

The indicator is suitable for any strategy; when trading scalping, transactions can be opened simply when the lines cross, and for long-term transactions, you should take into account where these same lines are located.

• Buy - yellow crosses blue from bottom to top.
• Sale - yellow crosses blue from top to bottom.

Download the Elder indicator.