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

NRTR is a trend indicator calculated using closing prices. The indicator is always located at the same distance from the extreme prices reached. For an uptrend, it is shown below the chart; for a downtrend - above. The significance of this distance is to filter out small corrections that are contrary to the main trend. Stronger movement against the main trend above a preset level (the size of the moving filter) indicates a complete trend reversal.

For an uptrend:

NRTR = highest (closing price, period)*(1-(K/100)),

For a downtrend:

NRTR = lowest (closing price, period)*(1+(K/100)),

where the first part of the expression is the highest/lowest extreme price reached since the indicator and price last crossed, K is the size of the moving filter expressed in percentage, i.e. the distance between the indicator and the extreme values ​​reached.

Like any other simplified method, this indicator works well in trending markets but may fail during non-trending periods.

Read more about indicator properties and versions in the article " Trend indicator for dynamic price channel breakouts " by Konstantin Kopyrkin (in Russian).

The indicator was first implemented in MQL4 and published in the code base on July 13, 2006 on mql4.com.

Figure 1. NRTR indicator

Attachment download

📎 nrtr.mq5 (9.96 KB)

Source: MQL5 #15243