The Prevailing Trend Indicator MT5 (MetaTrader 5) illustrates the current trend using two primary elements – the bullish and bearish segments. These trend segments are visualized as separate lines: the upward line signifies the bullish component, while the downward line signifies the bearish component. This forex MT5 indicator is available for free download.
Prevailing Trend Indicator MT5: Introduction
MT5 Indicator Overview
The download link of the Prevailing Trend MT5 indicator is placed at the bottom of this post – once you’re done, your Metatrader 5 trading chart should look similar to the example below.
Formula Behind The Prevailing Trend Gauge
The computation underlying the Prevailing Trend indicator can be outlined as follows:
- Up: This corresponds to the Moving Average of bullish candlesticks, defined over a specific period.
- Down: This pertains to the Moving Average of bearish candlesticks, also defined over the same designated period.
To simplify, the Prevailing Trend indicator generates buy signals when its green line intersects above the red line. Conversely, a selling indication emerges when the red line crosses over the green line.
The strength of the trend is directly proportional to the gap between the red and green lines. A wider gap signifies a more robust trend.
For instance, during a bullish signal, if the green line trends upwards while the red line increasingly trends downwards, resulting in an even wider gap, it indicates a compelling bullish trend.
MT5 Indicators: Download and Installation Instructions
Download the Prevailing Trend Indicator MT5.rar archive at the bottom of this post, unpack it, then copy and paste the prevailing-trend.ex5 or prevailing-trend.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Free Download Forex Prevailing Trend MT5 Indicator
To download the Prevailing Trend Indicator for Metatrader 5 (MT5) for free just click the button below: