New trend indicator for MT5
Trend indicators are one of the most popular tools among stock traders.
At the moment there are quite a few similar scripts, but not all of them are effective and useful to use. Therefore, the emergence of new ones is always of interest.
Today we will get acquainted with the trend indicator for the metatrader 5 trading platform; a tool called Trend Master Chart MT5 was recently presented on the market.
Trend Master Chart MT5 – works on the basis of several popular indicators, which allows you to increase the effectiveness of its work.
Description of operation and basic settings of the trend indicator
After you download the script presented at the end of this article and install it in the MT5 trading platform, it will color your chart in different colors:
The different colors of the candles will characterize the market trend existing at that time; in addition, there are shades that indicate the appearance of additional impulses during the current trend.
There is also an excellent opportunity to set up signals when a trend changes by email or in the form of Push messages.
Trend Master Chart MT5 works perfectly without additional settings, but if you wish, you can change some of its parameters:
- Period 1: moving average for a fast period.
- Period 2: Moving average for the slow period.
- Oscillator Period: setting the period for the oscillator to operate.
- Sell/buy alert: turn on signals when selling or buying points appear.
- Bullish/Bearish alert: activation of messages when a trend reverses.
As you can see, the tool is quite interesting, and can be useful for those who trade with the trend using market orders.
Trend Master Chart, for now, is distributed completely free of charge and works without restrictions on functionality. In this case, your graphics will contain the developer’s advertising logo, which, however, does not interfere with your work.
The indicator is used only on a candlestick chart; it will not be possible to switch to a bar or other chart type.