Theil_Sen Indicator Free - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resource

This is essentially a tool that estimates the general trajectory of a line drawn from a collection of data points. The estimated line is derived by first performing a regression on a range of values ​​and then calculating the slope of the resulting regression line. Dataset selection can be Simple Moving Average, Exponential Moving Average, Close Price, High/Low Price, which are automatically collected from MetaTrader charts. You simply select a type of data to collect. It supports multiple currencies.

 iTSlope(asymbol,timeframe,regperiod,adataset,rmp,rtc,slope,line_nickname,enable_text,ashift); //This is the main function used in EA. Just enter your own parameters.
//Manual traders can use this or use the indicator directly.

As usual this supports multiple currencies and I have included the "BreakPoint" tool here but it is not required for the indicator itself.

This is what a trendline looks like in a range market:

Now, this is what a trendline looks like in a trending market:

Here is a demo of Expert Advisor:

//+------------------------------------------------------------------+
//| demo.mq4 |
//| Copyright 2020, Everyone Software Company |
//| https://anywhere.com |
//+------------------------------------------------------------------+
#Property Copyright "Copyright 2020, Everybody Software Corp."
#property associated with "https://anywhere.com"
# Property version "1.00"
#propertystrict​
#include #Include <breakpoint.mqh> //<--- not required
//+------------------------------------------------------------------+
//|Expert initialization function |
//+------------------------------------------------------------------+
Integer initialization ()
  {
Return ( initialization successful );
  }
//+------------------------------------------------------------------+
//|Expert to initialize function |
//+------------------------------------------------------------------+
Blank solution initialization ( constant integer reason)
  { 
  }
//+------------------------------------------------------------------+
//|Expert check function |
//+------------------------------------------------------------------+
Blank check ()
  {
//---------These variables are created empty, but they will contain data after using iTSlop() below. -----// Double slope = 0 ; //Slope of the regression line.  
ENUM_TIMEFRAMES time range = 0 ; //This is the time range of the symbol. 0 represents the current chart time frame.  
Integer regular period = 20 , //Regression period. How many bars do you want to perform the regression on.  shift = 1 ; //The offset of the bar where you want to draw the regression line.  
string unsigned = "" , //This is the symbol/currency pair on which you want to perform calculations. "" indicates the current symbol.  Dataset = "ema_off" , //The data type to perform regression.  Line Nickname = "Anything goes here" ,
  Rotate MP, //The calculated "Market Phase", which is a specific description of the market Real Time Clock; //The calculated "Market Trend", which is a general description of the market.  
Boolean enabled text = true ; //When set = true, text data is displayed on the current chart.  
     iTSlope(asymbol,timeframe,regperiod,adataset,rmp,rtc,slope,line_nickname,enable_text,ashift);//Single currency//if(rmp == "trend")BreakPoint("","","",true,"rmp",rmp,"rtc",rtc,"asymbol",asymbol);
  } //+------------------------------------------------------------------+

Special thanks to whroeder and others who helped clarify this concept.

Attachment download

📎 theilsen_indicator_free.mqh (14.67 KB)

📎 breakpoint.mqh (9.69 KB)

📎 theilsen_gradient.mq4 (20.4 KB)

Source: MQL5 #30810