Trend Strength and Direction Indicator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource
This indicator plots candlesticks in different colors based on trend strength and direction.
The indicator is based on five symmetrical Bollinger Bands with different deviation input parameter values. Breaking out of a channel with a large deviation value results in a brighter candlestick color. Spring green shades are used for rising markets, while maroon shades are used for falling markets.
Use five deviation levels and ten colors to display trends. If the weakest deviation level is not exceeded, the candlesticks are not colored and have a common color.
The indicator uses the SmoothAlgorithms.mqh library class (must be copied to the terminal data folder \MQL5\include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.
Attachment download
📎 smoothalgorithms.mqh (133.8 KB)
📎 ColorBBCandles.mq5 (16.77 KB)
Source: MQL5 #477
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