The Itrend Old trend indicator can replace a whole strategy, since it not only determines the state of the market, but also allows you to determine the entry and exit points.
Itrend Old indicator is a trend indicator in a sub window that shows not only the direction of the current trend, but also flat areas.
This indicator is unique in that it recognizes all market phases: trend, flat or uncertainty. At the same time, it gives clear graphic signals to the trader, therefore, using this indicator, you will always know in which phase of the market you are at the moment and therefore it will be much easier to make trading decisions.
The Itrend Old indicator is also useful because it can replace an entire trading system, since using only this indicator, we can receive signals about both entry and exit points, and we will also know how long to hold a position and when is better not to open these positions.
In order to calculate its values, this indicator uses the built-in formulas of the standard indicators Bears Power, Bulls Power and Bollinger Bands.
- iBands_Mode_0_2 – use of the Bollinger Bands indicator line: 0 – do not use, 1 – upper line, 2 – lower line;
- iPower_Price_0_6 – used price for calculating Bears Power and Bulls Power indicators: 0 – closing price (close), 1 – opening price (open), 2 – maximum price (high), 3 – minimum price (low), 4 – average price, (high + low) / 2, 5 – typical price, (high + low + close) / 3, 6 – weighted closing price, (high + low + close + close) / 4;
- iPrice_Type_0_3 – used price, in indicator calculations for one bar: 0 – Close, 1 – Open, 2 – High, 3 – Low;
- iBands_Period – averaging period for the main line of the Bollinger Bands indicator;
- iBands_Deviation – deviation from the main line of the Bollinger Bands indicator;
- iPower_Period – averaging period for Bears Power and Bulls Power indicators.
Using indicator in trading
We open a buy trade if the Itrend Old indicator has drawn only a blue bar and a sell trade – if only a red one. We close all positions, if the indicator remains empty, as well as when both colors are displayed at once, we close the entire position, or only a part of it. If the indicator has changed from one color to another, then reverse the current position if it is open.
Features of Itrend Old MT4 indicator
- Platform: Metatrader 4
- Ability to change settings: Yes
- Timeframe: any from 1 Minute to Daily
- Currency pairs: any
In Itrend-Old.zip file you will find:
Download Itrend Old MT4 indicator for free: