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Trendometer

5

Identifying the trend of the market is an essential task of traders. Trendometer implements an advanced algorithm to visualize the trend of the market. The major focus of this indicator is to evaluate the market in the lower time frames (i.e., M1, M5 and M15) for the scalping purposes. If you are a scalper looking for a reliable indicator to improve your trade quality, Trendometer is for you. The indicator runs on a separate window showing a histogram of red and green bars. A two consecutive green (red) bars is a good sign to enter the market in Long (Short) direction. The number of consecutive bars with the same color is a measure of the power of the trend. In the absence of one or more bars, the interpretation of the indicator is that the market price is ranging (i.e., consolidation).


User Defined BUY/SELL Signal Patterns:

The user can specify infinitely many BUY/SELL signal patterns to be shown by the Trendometer indicator. A notification (in the alarm window) will be generated as soon as a pattern is recognized by the indicator. In the input setting there are two string variables: Buy Signal Pattern and Sell Signal Pattern. A space character between patterns separates them from each other. The characters 'g', 'r' and 'x' stand for a green, red and no bar of the Trendometer indicator. For example, if we would like to have a notification after two consecutive green bar followed by either a red bar or no bar, we need to set Sell Signal Pattern ="rgg xgg".


Features:

  • Generates reliable BUY/SELL scalping signals.
  • Continuously follows the trend of the market price change.
  • Filters out the noise in the candlesticks to identify the true trend.
  • User can define infinitely many BUY/SELL signal patterns to be notified by the indicator.
  • Works with 4 and 5 digits brokers.

Signals:

  • Open a LONG (BUY) position when two consecutive green bars are formed after the end of a consolidation or the end of a down-trend.
  • Open a SHORT (SELL) position when two consecutive red bars are formed after the end of a consolidation or the end of an up-trend.
Input Parameters:
  • Trend Period: A positive integer number that indicates the period over which the trend will be estimated.
  • Min Number of Group Bars: A positive integer number that indicates the minimum number of bars to be used in a group by the trend filter.
  • Max Number of Group Bars: A positive integer number that indicates the maximum number of bars to be used in a group by the trend filter.
  • Show Signal Alarm?: If Yes, the indicator will notify the user as a BUY/SELL signal pattern matches by means of the alert window.
  • Draw Signal Arrow?: If Yes, the indicator will draw UP/DOWN arrows on the bar chart as a BUY/SELL signal pattern matches.
  • Buy Signal Pattern: A string of user defined BUY signal patterns (see above to find out how to define a pattern).
  • Sell Signal Pattern: A string of user defined SELL signal patterns (see above to find out how to define a pattern).
  • Sell Color: The color of sell arrow.
  • Buy Color: The color of buy arrow.
Reviews 3
Serhat Kanar
197
Serhat Kanar 2015.08.09 21:24 
 

realy a good indicator. its just top for that price its 80% accurate!

Robert Edison
815
Robert Edison 2014.06.18 00:23 
 

Great indicator. Shows precisely when the market is not trending and when the market is showing signs of waking up. I've combined it with the T3MA indicator for even better entries.

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Serhat Kanar
197
Serhat Kanar 2015.08.09 21:24 
 

realy a good indicator. its just top for that price its 80% accurate!

Robert Edison
815
Robert Edison 2014.06.18 00:23 
 

Great indicator. Shows precisely when the market is not trending and when the market is showing signs of waking up. I've combined it with the T3MA indicator for even better entries.

tradesafenow
1202
tradesafenow 2014.05.29 13:18 
 

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Version 1.64 2020.04.03
- Add applied price {Close, Open, High, Low} to the input settings
Version 1.63 2020.03.23
- improves performance
Version 1.62 2018.10.26
- A bug in sending emails, phone notifications and alerts fixed.
Version 1.61 2017.03.29
- Performance improved.
- New patterns added.
Version 1.60 2015.07.23
- Email and Mobile notifications added.
Version 1.50 2015.07.22
- The alert message now includes the symbol and time frame.
Version 1.40 2014.07.30
- Shows BUY/SELL signal notifications (alarms).
- Draws BUY/SELL signal arrows on the bar chart.
- The user can define the BUY/SELL signal patterns.
- Comes with a new set of input parameters.
Version 1.2 2014.06.13
- Minor improvements in the algorithm.
- Changing the short name of the indicator.
- A new set of optimized input parameters.