A combination of three common indicators (Bollinger Bands, Relative Strength Index, and Moving Average) to determine the prevailing trend in the market: . Used to determine trend:
- Bar turns RED if price is trending DOWNWARD
- Bar turns BLUE if price is trending UPWARD
Mirror1
This indicator was made for a system explained by a member (A-Grace) on the Forex Factory forum. Unfortunately, A-Grace was more interested in pushing a "very profitable" system he had designed by selling it to those more interested in his original system. So, I felt that posting this free indicator on his tread would only encourage his commercial activity, and figured it was better off here.
Anyway, this indicator uses three indicators to determine the overall trend in any market. The first, Bollinger Bands (BB), is used for determine volitility by only using expanding values of the Bollinger Bands. The second, Relative Strength Index (RSI), is used for overall direction of the volitilty presented by BB by the crossing of RSI with the 50 Level mark. And finally with the third, Moving Average (MA), is used to confirm price direction by price being over or under the MA value.
