What is the Trend Score Indicator?
The Trend Score indicator is a nifty tool for traders using MetaTrader 5. It helps you gauge market trends over a specified period or even without one, making it versatile for different trading strategies.
Using the Trend Score with a Period
When you set a period, the Trend Score works like this: if the current price is higher than the previous one, the trend scores a +1. If it's lower, you get a -1, and if it stays the same, that's a 0. Essentially, the Trend Score is the cumulative total of these trends over your chosen timeframe.
For instance, if you observe two bearish candles followed by one bullish, a doji, and then three bullish candles, the Trend Score values would look like this:
- -1 (bearish)
- -2 (bearish)
- 1 (bullish)
- 0 (doji)
- 1 (bullish)
- 2 (bullish)
- 3 (bullish)
The period itself defines the maximum and minimum potential values of the indicator. Notably, within certain ranges (like 5 to 20), if the current value is close to the period value, it often indicates that the trend is nearing its end.
Using the Trend Score without a Period
At first glance, you might think the Trend Score without a period isn't very useful. After all, it simply reflects the number of bullish and bearish bars in each series, which you can already see on the chart. However, don't overlook the
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