Instantaneous Trend Line Band - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

One of a series of indicators created by John Ehlres. According to Ehlers:

Instantaneous trend line:

It works because it completely removes the dominant period in the smoothed average.

For the math geeks out there, the Fourier transform of a rectangular window (formed by a simple average) is the Sin(X)/X distribution. The goal is to place the first zero value of the distribution exactly at the main period. For the intuitively inclined, what we are doing is taking a simple average over the duration of the dominant cycle. In such an average, there are as many sample points above the midpoint as there are below the midpoint, with the result that the sum of all these sample points is zero.

This version expands the indicator with instantaneous trend lines with certain bands, making it easier to spot trend changes and filtering out some false signals that may occur when using only the slope of the ITL indicator as a signal.

Attachment download

📎 instantaneous_trend_line_bands.mq5 (8.23 KB)

Source: MQL5 #20105