MRT, Barcolor for Trend Direction

24 במרץ 2021

This is an indicator that I use to identify trend.


1- This is AAPL five minutes chart

A-Yellow Circles on the chart: Green is a Buy ,Red is a Sell

B-The white bars are transition to to the opposite color (red to green or vic versa ) it can serve as a warning of trend change.


C-As with any signal , sometimes it is a false signal (the white circles you see there). However, I would stick to the signal each time it changes.


2-The indicator uses previous highs and lows based on different time frames that you select. and calculate the winners and losers.


3-

A-I personally choose shorter time frame ( Hour, 30 minutes, even 1 minute) because I want faster signals to trade short term.


B-However, you can use it for longer term if you trade on longer time frames.


c-Whatever timeframe you use , choose lower for the candle; For example, if you use the One-Hour for the indicator then apply it to the five minutes chart. I use the 30 seconds chart.




4-This indicator will not guarantee any returns.

comment if you have any question.