Advanced trend indicator for MT5, trend strength for a specific currency
In the Forex currency market, it is quite difficult to determine the actual direction of the trend for a particular currency.
The reason for this is that the price of a particular currency can simultaneously rise in relation to one currency and fall in relation to another.
For this reason, it is not always clear how strong the existing trend is and whether it is caused by the strengthening of the currency being analyzed or the decline of the second currency in the currency pair.
Therefore, in order to objectively assess the existing trend direction, it is necessary to do this comprehensively, immediately in relation to several assets.
After downloading the tool at the end of the article and installing it on the chart, you'll see the following image:
The chart window displays trend strength indicators calculated based on trends across multiple currency pairs. The greater the number of currency pairs with an upward trend, the higher the value in the table and, accordingly, the stronger the upward trend for the selected currency.
A separate MT5 trend indicator window , located at the bottom of the chart window, displays the trend direction for the currency pairs used in calculations. The current direction is indicated by green and red arrows; if there is no arrow, the currency pair is flat.
Overall, the tool is quite interesting; its operation is based on two indicators: Moving Average and ADX, which determine the trend direction.
The trend indicator for MT5 is configured by default; when added to a chart, all you can do is change the color scheme for ease of use.
One of the disadvantages is that you can't add currencies and currency pairs at your own discretion. By default, the script works with USD, EUR, GBR, CHF, CAD, JPY, AUD, NZD, but this is already good.
The tool is distributed completely free of charge and can be downloaded either from the link below or directly from the MT5 trading platform Market.
