Market_Direction_Indicator - MetaTrader 5 Script - MT4/MT5 Resource
Market Direction Indicators are described by Donald Lambert in the Stocks & Commodities magazine article "Market Direction Indicators Anticipating Moving Average Crossovers."
The indicator has five input parameters:
An increasing indicator value indicates a bearish trend, a falling indicator value indicates a bullish trend, and values within the +/- cutoff range are considered neutral.
Figure 1. Market Direction Indicator
Figure 2. Market Direction Indicator as an Oscillator
Attachment download
📎 market_direction_indicator.mq5 (13.07 KB)
Source: MQL5 #22359
Market_Direction_Indicator - MetaTrader 5 script usage and screening suggestions
Market_Direction_Indicator - MetaTrader 5 script is a resource related to Forex indicators. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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