Elder indicator.

This indicator is often called "Bulls-Bears", since its main task is to identify a change in trend.

The Elder indicator signals trend changes and evaluates their strength, allowing traders to anticipate market reversals in advance.

It's a fairly advanced tool with simple settings and excellent visual display of the data.

The indicator can be classified as an oscillator, as it attempts to slightly anticipate the market and warn traders of upcoming changes.

forex script at the end of the article and installing it on the currency pair chart, you will see the following picture in a separate window:

• Yellow and blue lines - the blue one characterizes a bearish trend, while the yellow one is responsible for the actions of the bulls. The intersection of the lines indicates a possible trend reversal.

• Red bars - a diagram of the strength of the trend prevailing at the moment; logically, the longer the bar, the less likely a reversal is, but as you can see in the figure, this rule is violated quite often.

• Zero line - is responsible for the general trend; during an upward trend, the lines and the histogram are at the top, during a downward trend - at the bottom.

It's important to note that the Elder indicator detects not only trend reversals but also corrections, so line intersections occur quite frequently, but this doesn't necessarily indicate a change in the global trend.

A reversal can be detected if both lines cross above the zero line.

The indicator is suitable for any strategy. When scalping, trades can be opened simply when the lines cross, but for longer-term trades, the location of these lines should be taken into account.

• Buy - the yellow line crosses the blue line from the bottom up.
• Sell - the yellow line crosses the blue line from the top down.

Download the Elder indicator.