Introduction
Welcome to the world of Forex trading, where every new tool promises to be the Holy Grail. Today, we dissect the Trend Range Indicator, a trading robot that has garnered a perfect 5-star rating. Developed by Claudius Marius Walter, this tool aims to distinguish between sideways and trend phases, allowing for trend-following, mean-reversion, and breakout strategies. Let's see if it lives up to the hype.Installation and Setup
Installing the Trend Range Indicator is straightforward. Follow these steps to get started:- Download the indicator file from our website.
- Open MetaTrader 5 and navigate to File > Open Data Folder.
- Place the downloaded file in the MQL5/Indicators directory.
- Restart MetaTrader 5.
- In the Navigator window, find the Trend Range Indicator and drag it onto your chart.
For optimal performance, use the default settings: RSI period of 14 bars and Popp indicator period of 14 bars. Customize the lookback parameter for faster performance based on your trading preferences.
User Experience
User reviews are overwhelmingly positive, with a perfect 5-star rating. One user, feenDE, even exclaimed, Awesome, thank you. But let's not get carried away. While the indicator is reliable and provides clear signals, it's not a magic wand. Use it as part of a broader trading strategy.Tips for Improvement
To get the most out of the Trend Range Indicator, consider the following tips:- Combine it with other indicators like moving averages or Bollinger Bands for confirmation.
- Test the settings in a demo account before going live.
- Adjust the lookback parameter to suit different market conditions.
- Keep an eye on the market news, as external factors can affect the indicator's performance.
Source Code of Trend Range Indicator
We don't have access to the original source code of the Trend Range Indicator sold on MQL5. However, based on its description, we have created a sample code. This example is available on easytradingforum.com. Remember, this is not the original robot but a code based on its publicly available description.
Code:
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