trend_arrows - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Vladimir Mametov

Trend arrows draw support/resistance lines as colored dots on the price chart.

The average price of a variety on a certain amount of data is used to calculate the indicator value.

In the case of a downtrend, the indicator draws only a resistance line (red dots), and in the case of an uptrend, it draws only a support line (blue dots). If the symbol price is close to the support/resistance level and does not break it on the current bar, then it is used as a buy/sell signal.

Orders are confirmed by the next point, which either supports the current trend or signals an upcoming change.

The indicator was first implemented in MQL4 and published in the code base of mql4.com on May 10, 2016.

Figure 1. Trend Arrow

Attachment download

📎 trend_arrows.mq5 (13.66 KB)

Source: MQL5 #15538