Introduction to the Trend Strength Indicator
The Trend Strength indicator uses custom calculations based on the Relative Strength Index to determine the direction of the trend.
The indicator is displayed in a separate window placed just below the main trading chart.
You will find three lines: gray Smoothed RSI, blue UpTrend line, and red DnTrend line.
Obviously, when the Smoothed RSI is above the blue UpTrend – there is an upward trend. Similarly, when the Smoothed RSI is below the red DnTrend – there is a downward trend.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Trend Strength indicator in MT5?
Copy and paste the trend-strength-indicator.mq5 or trend-strength-indicator.ex5 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.
The Trend Strength indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Trend Strength Indicator Free Download
To download the Trend Strength Indicator for Metatrader 5 (MT5) for free just click the button below: