If you're on the hunt for a reliable tool to help you navigate the market, the TrendLord indicator for MetaTrader 5 might just be what you need. This trend-following indicator provides a clear view of the current market trend in a separate window, making it easier to make informed trading decisions.
The TrendLord comes with two adjustable parameters that allow you to tailor it to your trading style:
- Period - This defines the calculation period.
- Applied Price - This is the price data that the indicator uses for its calculations.
Here's how the calculation works:
TrendLord = LWMA(MA, PeriodSQRT)
Where:
PeriodSQRT = SQRT(Period)
MA - LWMA(Applied Price, Period)
The indicator uses color coding to help you quickly assess the market's direction:
- Green indicates an upward trend.
- Red signifies a downward trend.
- Gray points to a flat market movement.
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