Related Trend Indicators - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
In his article "Correlation as a Trend Indicator" in the May 2020 issue of TASC, author John Ehlers introduces a new trend indicator based on the correlation between a security's price history and an ideal trend: a straight line. He describes how to use this indicator to identify not only the emergence of a new trend, but also the failure of a trend.
suggestion:
Ehlers describes a rather strange way of using it (like using asymmetric buy and sell thresholds, in which case it's obvious he's fitting the indicator to the chart - which is never a good idea, so
You will find two versions of this indicator here:
Attachment download
📎 correlation_trend_indicator.mq5 (6.64 KB)
📎 correlation_trend_indicator_coptf.mq5 (12.57 KB)
Source: MQL5 #30546
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