Forex trend indicator
A proven indicator for determining price movement direction, it requires virtually no additional configuration and does an excellent job of its primary purpose.
Suitable for trading with 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 operates using proven algorithms and has a fairly high accuracy rate, making it possible to predict the trend direction with over 75% accuracy.
We install the indicator like most similar tools, by simply copying it to the appropriate folder of the trader's installed terminal.
After restarting the terminal, the tool will appear in the "Custom Indicators" tab. Click on it and place it on the chart. You can leave the default settings.
When working, please keep in mind that this script indicates the price direction for a specific candle or bar; it does not display data on the global trend, so it is recommended to use it only for trading on short timeframes.
Basic parameters of the Forex trend indicator
UP is a percentage indicator that characterizes an upward trend ; transactions in the specified direction should be concluded if the value is greater than or equal to 60%.
DOWN – a 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 a trend —STRONG or WEAK—allows one to estimate the likelihood of a price reversal. It is unclear on what basis such conclusions are made and whether they can be trusted.
After testing it on a demo account, I'd rate this tool a 3 out of 5; it doesn't deserve a higher rating. It's better used for predicting reversals than for determining 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
