This is a famous trend indicator in MT4 platform. Is this better than other MA based trend systems? I will let you decide that :)
Supported modes: - Trend mode: This is the default. Draws a trend line (like MA) and colors them based on the trend. - Ribbon Mode: Shown at the bottom pane. No trend lines are drawn. - OverlayMode: Bars are colored based on the current trend. Trend line is also displayed (default color=gray).
Hey @LazyBear this is such a great indicator. is it possible to add alerts to it for when the trend direction changes?
ersnylm
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Hi @LazyBear I am using Coral Trend indicator for support and resistance. I'm doing scalp trading. (5 minutes and 15 minutes chart.) Can you give advice on values and usage? Also sorry my english is not very good
grahvity
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And when a whole candle body fits in between the circles, the trend is accelerating.
LazyBear
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+1 for noticing that.
Thezilla
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@grahvity, I don't see this... or i'm not understanding what you mean
grahvity
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@Thezilla, I’m not sure what I was looking at back then, sorry.
cooney_s
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I plugged in a couple of Constants that I use....0.739 and 0.886. And these to the default for a Multi Time Frame effect which will confirm your bias in trade direction. I offer just a simple example of how 1.) When all three signals agree its safe to look for trades in that directional bias short or long. 2.) Once a bias is established, look for value in divergence price bars that close against the perceived trend. 3.) Mark the closing price where the 3 signals agree with a horizontal ray...best trades are those with no draw down due to good timing execution which usually takes place AFTER a test/retrace. This example shows how the given signal offered a trading range of over 3% to work Long trades.
GermanTrader
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I had a similar idea to compare the indicator by itself and tested this by only changing the periods not the constant and this really works to filter out the strongest trend.
cooney_s
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Off the top of my head I think it would be better to keep the periods the same, this way its apples to apples. I"ve done some work with other indi's that have this same ability. Proves to be better this way, at least in the MTF fashion, getting all three speeds to compliment each other is the advantage in the signal.
LazyBear
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Nice. I built this as a separate indicator, but I like how visual yours looks.