ExtremLine - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Original author:
Serkov Alexander
This is a simple and clear trend indicator. If the current minimum value is lower than the minimum value of the previous N bars, the indicator considers that there is a downtrend.
On the contrary, if the current maximum value is higher than the maximum value of the previous N bars, then there is an upward trend. You can set the inspection depth in the properties. This indicator is great for finding pullbacks and using them as entry points.
The indicator was originally written in MQL4 and first published in the code base on September 9, 2014.
Figure 1. ExtremLine indicator
Attachment download
📎 extremline.mq5 (6.23 KB)
Source: MQL5 #12553
ExtremLine - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening recommendations
ExtremLine - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based on titles or short-term profit descriptions.
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