Trend Score - indicator for MetaTrader 5

The indicator can be calculated both with a period and without it. If a period is used: if the price is higher than the previous one, the trend is 1. If the price is less than the previous one, the trend is -1. If the price is equal to the previous one, the trend is 0. Accordingly, Trend Score is the sum of trends over the specified period. In the second case, with each change of the direction the indicator value is reset to zero. For example: if we have a sequence of two bearish, one bullish, a doji and three bullish bars, the values ​​of the indicator are as follows: -1, -2, 1, 0, 1, 2, 3...

1. The indicator with a period. The period is also the module of the maximum and minimum possible values ​​of the indicator. It may be noted that in certain ranges of the period values ​​(5 to 20), the closer is the current value of the indicator to the period value, the closer is the completion of the trend.  

2. The indicator without the period. At first glance, there is little use in the TrendScore without the period - in fact it just shows the number of bullish and bearish bars in each series, which is well seen on the chart. However, note that the "sawtooth" sections of the indicator - i.e. those with 5 or more of the indicator values in the range [-1; 1] - in many cases we get a horizontal channel, whose breakthrough we can use.