Trending or Ranging?
ToR_1.20k.mq4 indicator monitors CCI and ADX on multiple time frames to give you a sense of a trend and its direction.When the market is trending – use trend following indicators, when the market is ranging useoscillators and other momentum indicators or avoid trading (according to your plan).
How to tell if a market is ranging or trending. you find the answer you will win this games always.
Reading ToR indicator:
Green color – the trend is up, red – down, blue – ranging.
Arrows next to the indicator show the angle of the trend:
45 degree arrow – a trend is beginning,
90 degree arrow – a strong trend in place.
The squiggly lines represent a range – no trend.
In the Indicator settings window you can define what’s to be considered a trend for ADX and set own CCI periods for all time frames.
Download MT4 indicator (ToR_1.20k.mq4)
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