OPEN-SOURCE SCRIPT
Updated FX Trend
FX Trend Indicator by request of S.C. in The Trading Journal Discord.
Original Meta Trader Indicator at mql5.com/en/code/21433
FXT = K * ((Close-L1) / (D1*Small range)+(Close-L2) / (D2*Middle range)+(Close-L3) / (D3*Big range))
Where:
D1 = H1 - L1
D2 = H2 - L2
D3 = H3 - L3
L1, H1 - the lowest and the highest prices in the Small range
L2, H2 - the lowest and the highest prices in the Middle range
L3, H3 - the lowest and the highest prices in the Big range
K = 100.0 / (1/Small range+1 / Middle range+1 / Big range)
Original Meta Trader Indicator at mql5.com/en/code/21433
FXT = K * ((Close-L1) / (D1*Small range)+(Close-L2) / (D2*Middle range)+(Close-L3) / (D3*Big range))
Where:
D1 = H1 - L1
D2 = H2 - L2
D3 = H3 - L3
L1, H1 - the lowest and the highest prices in the Small range
L2, H2 - the lowest and the highest prices in the Middle range
L3, H3 - the lowest and the highest prices in the Big range
K = 100.0 / (1/Small range+1 / Middle range+1 / Big range)
Release Notes
Removed unused variables.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.