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 the operation and basic settings of the trend indicator
Once you download the script presented at the end of this article and install it on the MT5 trading platform, it will color your chart in different colors:
The different colors of the candles will characterize the market trend that exists at that time; in addition, there are shades that show the emergence of additional impulses during the current trend.
There is also an excellent opportunity to set up signals sent via email or push messages when a trend changes.
Trend Master Chart MT5 works perfectly without any additional settings, but if you wish, you can change some of its parameters:
- Period 1: moving average for the fast period.
- Period 2: Slow period moving average.
- Oscillator Period: setting the period for the oscillator to operate.
- Sell/buy alert: enable alerts when sell or buy points appear.
- Bullish/Bearish alert: activates messages when the trend reverses.
As you can see, this is a rather interesting tool and can be useful for those who trade with the trend using market orders.
Trend Master Chart is currently completely free and works without any functionality limitations. However, your chart will still feature the developer's promotional logo, which, however, doesn't interfere with its functionality.
The indicator is only used on a candlestick chart; it is not possible to switch to a bar chart or any other type of chart.
