CoeffofLine - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Ramdass - conversion only
The CoeffofLine indicator shows the most likely future price direction (2-3 bars).
The indicator depends on the ticker, time frame and period. If the indicator points upward, it is a signal to open a long position. A signal to close a long position is when the indicator turns lower and confirms it from a lower time frame (negative values). Similar rules for short positions: move lower on the current timeframe, in order to close a short position, confirmation from a lower timeframe (positive value) is required.
The indicator was published in the code base of mql4.com on August 11, 2006.
Attachment download
📎 coeffofline_true.mq5 (4.54 KB)
📎 colorcoeffofline_true.mq5 (5.75 KB)
Source: MQL5 #410
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