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You liked the script? Try it in the MetaTrader 5 terminal

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Published:

2018.11.08 14:20

Updated:

2019.01.29 16:18

PTL.mq5 (7.97 KB) view

Download as ZIP, How to download code from MetaEditor

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Theory:

It can be found under different names on the net (MetaTrader 4 version mostly though). It is based on highest high and lowest low of two different periods. Based on those values a trend is derived.

Usage:

You can use close changes as signals.

TRiX

TRiX candles with Keltner channel

Channel design indicator

A channel is a trading range between support and resistance levels that a stock price oscillates in for a period of time. This indicator draws the resistance and support lines based on the peaks and valleys that are found within a defined period of time.

Ehlers Fisher transform (original)

Ehlers Fisher transform (as originally described in the book)

Perfect trend line - indicator for MetaTrader 5