Waterfall Trend Indicator MT5
- Indicators
- Zhi Xian Hou
- Version: 1.0
- Activations: 20
The Waterfall Trend Indicator MT5 uses line regression algorithm, using "Waterfall" in its name is in that it like waterfall when there is a strong down market trend. The indicator draws seven lines, one of which is sold line, others are dash line, the sold line is more stable.
Indicator introduction
- The indicator can effectively filter price noise since it is calculated with line regression.
- It can be used to analyze market trend and design new expert that is based on trend. When the trend line is up ,its color is magenta, when the trend line is down, its color is spring green. When the seven lines are uniform adhesion upward or downward divergence, we can expect that there will be a big probability of forming a strong market trend.
- It can also be used to design expert advisor that is based on mean reverting strategies, when the price is too far away from the sold trend line, usually the price will return to the line.
- The indicator can send emails, alerts and notifications to you when the sold trend line direction is changed, if the trend has changed from down to up or up to down, the indicator will send the "symbol+period+Trend Up/Down+current time" messages to you.
- It applies to any timeframes and any symbols.
Indicator parameters
- Sound Name: The alert sound file name, which must be located in the "...\drive_c\Program\Files\MetaTrader5\Sounds\alert.wav" folder.
- Repetitions: The number of alert/email/notification repetitions when every time to inform you.
- Pause, in seconds: The pause between two consecutive alerts/emails/notifications.
- Use Sound: flag, whether or not to play the system sound.
- Use Alert: flag, whether or not to use alert reminder.
- Use Send mail: flag, whether or not to use email reminder.
- Use Send notification: flag, whether or not to push messages to mobile phone.
