Instantaneous Trend Line Levels Indicator
MT5 Trend TradingFree DownloadThis is the Instantaneous Trend Line Levels Indicator for MT5 that displays a colorful cloud as core element. Actually there are seversal variations of this gauge and each one has some distinct differences. This one in particual uses self-adjusting levels for signals filtering.
Other versions often rely on the ITL slope for calculations, but in the result they generate way too many signals and a lot of noise. This version aims to deliver more accurate trading suggestions while also minimizing the number of false alarms and fakeouts. When it comes to settings, please note that there are two display modes that you can choose. Other important aspect to customize is period.
Simplified trading recommendations
The cloud’s color changes act as entry and exit points for trades. What’s more, there is also a dotted line serving trailing stop loss level.
For long opportunities watch for cloud color change to green. Trade trigger takes place at the first closed candle afterwards and you can close position after reaching at least 1:1 risk-to-reward ratio. Similarly, for short occasions just spot a change to pink and same rule applies for entry and take profit.
Additionally, there are moments when cloud gets extra thin, practically a single line – this setup is early forecast for potential trend switch.
