Very powerful indicator! converted from TradingView with upgraded alerts and added notifications. Ideal use in EAs.
Use as a supplementary Indicator to confirm your entries, but it is as good on it's own.
The indicator consists of 3 different Trend Meters and a 2 Trend Bars which are used to confirm trend
How to Use:
The more Trend meters are lit up the better =>>
-more GREEN COLOR at one bar means more confirmation to open buy trade,
- more RED COLOR signals for one bar = more confirmation for sell
This is quite complex indicator but it doesn't have to be complicated , Trend METER is offering lot of different options for analyzes
so choice of best suitable combination depends on your targeted symbol or strategy
INPUT OPTIONS
-there are 3 dot trends and 2 bar trends. Then all of these are combined into 2 main dot trends at the top
First two input parameters show :
WT = Wave Trend Filtered by Trend = shows signal when all 8 different 'moving average' calculations confirms same market trend
(*! WT takes longer time to load or sometimes fails to load at start(adding indicator to chart) => try changing timeframe few times until WT shows output on desired chart)
TM = All 3 Trend Meters Align = shows signal when all 3 'dot trends' show same new aligned trend
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options for dot trend:
1. MACD cross 12_26_9
2. MACD cross 8_21_5
3. Mom and Dad cross TopDogTrading
4. RSI signal line cross-RSI 13 signal 21
5. RSI 13_50
6. RSI 5_50
7. Trend Candles
8. MA cross
(9. turn off)
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options for bar trend:
1. MA cross (ma1 & 2 for topbar, ma3 & 4 for bottom bar)
2. MA direction - fast - MA1 and MA2
3. MA direction - slow- MA1 and MA2
4. MA direction - fast - MA3 and MA4
5. MA direction - slow- MA3 and MA4
(6. turn off)
after that there are options for these 4 different MA calculations
Alerts: -are sending clear BUY or SELL signal after selected rules shows colors match
-turn on/off
-notifications on/off = mobile app alerts
Alert Combination: - these settings affect how many rules have to be passed in order to send alert:
-WT = wave trend must be active (this is supporting or main rule)
-TM = all 3 plots must change into same color (this is MAIN SIGNAL and should be the main alert, or the only one active)
-2 bars = bars have to have same color (this is supporting rule = cannot be the only one active)
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*If all 3 rules are active, every indicator output must be the same color in order to generate alerts
Note: it is very resource heavy indicator for metatrader so I wouldn't recommend using on more than 5 charts at the same time.
