Forex trend indicator
A proven indicator for determining the direction of price movement, it practically does not require additional settings and copes well with its main task.
Suitable for trading almost any Forex strategy.
Shows the probability of the trend direction as a percentage, and also evaluates the strength of the existing trend.
This tool works using proven algorithms with fairly high accuracy, which makes it possible to guess the direction of the trend by more than 75%.
We install the indicator like most similar tools by simply copying it to the appropriate folder of the installed trader’s terminal.
After we restart the terminal, the tool will appear on the “Custom Indicators” tab. We click on it with the mouse and install it on the chart; the settings can be left as default.
When working, you should keep in mind that this script indicates the price direction specifically for a specific candle or bar; it does not display data on the global trend, so it is advisable to use it only for trading on short time periods.
Main parameters of Forex trend indicator
UP is a percentage indicator characterizing an upward trend ; transactions in the specified direction should be concluded if the value is greater than or equal to 60%.
DOWN – percentage indicator showing the probability of a downward trend.
The main direction is in large font DOWN or UP, depending on which trend is currently dominant in the market.
The strength of the trend - STRONG (strong) or WEAK (weak), allows you to assess the likelihood of a price reversal, it is not clear on what basis such conclusions are made and whether they can be trusted.
After testing on a demo account, you can rate this tool three points; it does not deserve a higher rating. It is better used to predict reversals than to determine the main direction of trades.
For greater accuracy of readings, you should additionally install at least one more similar indicator on the chart, for example http://time-forex.com/indikators/ultra-wizard