HL-Trend is a simple indicator that can be used for swing-trading on any timeframe.
There are not settings to change, infact it is based on the graphic values of the price (high, low and close) .
How to use?
Signals are drawn on the chart: each green candle stands for bullish signal, and each red candle stands for bearish signal.
How does that work?
At the beginning the indicator calculates the ‘signal’ value. In fact, whenever the high of a candle is less than the maximum of the previous candle, the signal value shows that maximum, while every time the minimum of a candle is greater than the minimum of the previous candle, the signal value shows that minimum.
Finally, if close is greater than the previous signal value, the signal is positive and the candle is colored green, while if close is less than the previous signal value, the signal is negative and the candle is colored red.
It can be used in a swing strategy or like a filter before opening or closing a trade.
if high<high then
elsif low>low then
if close>signal then
elsif close<signal then
DRAWCANDLE(open, high, low, close) COLOURED(a,b,c)
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.ProRealTime ITF files and other attachments :