Summary of 💡 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).

Notable Quotes

— 03:47 — « I consider the sideways Zone and you can consider the area above do as a buying or buying pressure Zone and you can identify the area below the negative doe as a selling or selling pressure Zone. »