Summary of "đź’ˇ Sideway Trend Indicator for MetaTrader 4/5 - Free - [TradingFinder]"
The video presents the Sideway Trend Indicator for MetaTrader 4 and 5, available for free on the TradingFinder website. This indicator is a modified version of the RSI (Relative Strength Index) designed to identify sideways market trends and provide clearer signals for upward and downward price movements.
Main Financial Strategies and Market Analyses:
- The indicator helps traders identify sideways (neutral) zones and distinguish between upward and downward trends.
- It oscillates between values of +1 and -1, unlike the traditional RSI which ranges from 0 to 100.
- When the price moves outside the sideways range, the indicator changes color:
- Blue indicates an upward trend or buying pressure.
- Orange indicates a downward trend or selling pressure.
- Traders can interpret the area between positive and negative thresholds as the sideways zone, with zones above or below indicating buying or selling pressure respectively.
How the Indicator Works:
- The calculation is based on the formula: (Closing Price - Opening Price) / High of each candle over a specified number of periods.
- It sums these values over the period and averages them to produce the indicator reading.
Customization and Settings:
- Users can drag the indicator file onto the MetaTrader chart and enable DLL imports.
- The indicator opens as an Oscillator window at the bottom of the chart.
- Display settings include three themes: Light, Dark, and Custom (which keeps the user’s current chart template).
- Adjustable parameters include:
- RSI period (default 20)
- Signal level (default 38)
- Upper and lower limits
- Neutral level (default 0.5, can be adjusted, e.g., 0.2)
- Traders can customize these settings to better fit their trading style or chart appearance.
Summary of Steps to Use the Indicator:
- Download the indicator file for MT4 or MT5 from TradingFinder.
- Drag and drop the file onto the chart.
- Enable “Allow DLL imports” and confirm.
- Adjust settings (period, signal levels, neutral levels, and display theme) as desired.
- Observe the Oscillator window to identify sideways, upward, and downward trends using color signals.
Presenter/Source:
TradingFinder website tutorial (no specific individual named).
Category
Business and Finance
