Points - MetaTrader 5 Script - MQL5 #14265 | Forex Indicators Download - MT4/MT5 Resources

The Point indicator is based on an indicator developed by TrendLaboratory in 2006. This indicator shows the current trend direction by placing colored dots on the main chart. Blue dots indicate an uptrend and red dots indicate a downtrend.

The calculation of this indicator is not based on the standard indicators of the MetaTrader platform. The calculation is based on the cosine of the angle of price change. Traders can set several input parameters of the indicator:

 //+------------------------------------------------+
//|Indicator input parameters |
//+------------------------------------------------+
Input unit length = 10 ; // smoothing depth
Input unit filtering = 0 ; // Parameter allows filtering price spikes without increasing display lag.
Enter Applied_price_IPC=PRICE_CLOSE_; // Apply price
Enter integer price change = 0 ; // Vertical indicator moving points
Enter integer shift = 0 ; // indicator moves horizontally (in bars)

The indicator was originally written in MQL4 and first published in the code base on June 9, 2015.

Figure 1. Point indicator

Attachment download

📎 dots.mq5 (9.46 KB)

Source: MQL5 #14265