Introduction
Greetings, fellow traders. Today, we delve into the world of the Trend Arrow Indicator. This trading robot has generated some mixed reactions, evident from user feedback. However, as a member of the EASY Trading Team, I'm here to provide a sober, no-nonsense guide to using this tool effectively. With a rating of 3.23, it’s clear that this indicator has room for improvement, but let's see what it has to offer.Installation and Configuration
Alright, let’s start with the basics. To install and configure the Trend Arrow Indicator, follow these steps:- Download the Trend Arrow Indicator file from this link.
- Open your MetaTrader 5 platform.
- Click on File in the upper menu and select Open Data Folder.
- Navigate to the MQL5 folder, then to Indicators.
- Copy the downloaded file into this folder.
- Restart MetaTrader 5.
- In the Navigator window, find the Trend Arrow Indicator under Indicators.
- Drag and drop it onto your desired chart.
- Adjust the settings as per your trading strategy. The default settings are usually a good starting point, but feel free to tweak them based on your risk tolerance and trading style.
Experience with the Trend Arrow Indicator
Having used the Trend Arrow Indicator for a while, I can say that it’s a mixed bag. As user 19682000 Lopez pointed out, it does repaint but only one bar on the H1 timeframe. This can be both a blessing and a curse, depending on your strategy.User SG Trading claims it's a BEAST!!! and adds substantial value to their strategy without any settings change. Well, I’m not that easily impressed. It's alright if you understand its limitations and use it in conjunction with other indicators, like stochastic (14,5,14), for confirmation.
Tips for Improvement
To squeeze maximum efficiency out of the Trend Arrow Indicator, consider these tips:- Combine with Other Indicators: Use additional indicators like stochastic or RSI for better confirmation of signals.
- Test Different Timeframes: Although H1 is recommended, don’t shy away from testing M15 or H4. Your trading style might benefit from a different timeframe.
- Backtesting: Before going live, backtest the indicator on historical data to understand its performance during different market conditions.
- Stay Updated: Always keep your indicator updated to benefit from the latest improvements and bug fixes.
Trend Arrow Indicator Source Code
Now, let's talk about the elephant in the room, the source code. We don’t have access to the actual source code of the Trend Arrow Indicator sold on MQL5. However, based on the descriptions and experiences shared by users, we’ve created a version of it. This is purely for educational purposes and not for sale.If you have any questions regarding this example code, feel free to ask. Remember, our version is based on our interpretations and experiences with the original product.
Code:
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