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

This indicator can be calculated with or without periods. If using period: If the price is higher than the previous price, the trend is 1. If the price is lower than the previous price, the trend is -1. If the price is the same as the previous price, the trend is 0. Therefore, the trend score is the sum of the trends over a specified period. In the second case, the indicator value is reset to zero every time the direction is changed. For example: If we have a sequence of two bearish bars, one bullish bar, one doji and three bullish bars, the indicator's values ​​will be as follows: -1, -2, 1, 0, 1, 2, 3...

1. Indicators with periods. The period is also the module of the maximum and minimum possible values ​​of the indicator. It may be noticed that within certain ranges of period values ​​(5 to 20), the closer the indicator's current value is to the period value, the closer the trend is to completion.

2. Indicators without periods. At first glance, TrendScore is of little use without periods - in fact, it just shows the number of bullish and bearish bars in each series, which is easily visible on the chart. However, please note that the "saw" part of the indicator - i.e. those with 5 or more indicator values ​​in the range [-1; 1] - in many cases we will get a horizontal channel, the breakout of which we can exploit.

Attachment download

📎 trendscore.mq5 (4.71 KB)

Source: MQL5 #1782