Watch how to download trading robots for free

Find us on Telegram!
Join our fan page

Interesting script?
So post a link to it -
let others appraise it

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

Views:

13395

Rating:

(7)

Published:

2024.08.06 08:23

Updated:

2024.08.22 12:13

TrendStrengthIndex.mq4 (3 KB) view

Download as ZIP, How to download code from MetaEditor

Need a robot or indicator based on this code? Order it on Freelance Go to Freelance

The Trend Strength Index indicator measures strength of current trend. Basically it is similiar to a simplified auto regression indicator, because Correlation function calculates the Pearson correlation coefficient between two sets of data: the closing prices and the bar indices over a specified length. This coefficient ranges from -1 to 1, indicating the strength and direction of the linear relationship between the index of the bar and bar close price.

Interpretation:

A value near 1 means strong uptrend with small deviation to the mean.
A value near -1 means strong downtrend with small deviations to mean.
A value near 0 means that there is possibly a flat.

[08/22/24] Fixed issue with indicator not updating

Detect Friday of The First Week of The Month - To Detect NFP Day

This code can detect if its a friday of the first week of the month. It is usually to detect days with NFP. Sone trader dont want to trade at that day. Maybe this code can help some one who need it

DPO - MA modified

change of MA curve to horizontal line and DPO curve shall represent the distance from close price to zero level (or MA curve)

Abiroid Switch Templates Script

This is a template switcher script mq4 file. This script will work with your MT4 (Metatrader 4) platform. It is to switch between templates.

Rotate TEXT

The script creates a text object on the chart that continuously rotates and changes its position based on price levels.

Trend Strength Index - indicator for MetaTrader 4