Using a Higher-Timeframe Candle Trend Indicator for Direction Signals
Summary
This document describes a MetaTrader indicator that displays the trend direction or trade direction produced by the JMACandleTrend indicator on a selected timeframe. It marks continuing trends with a directional arrow and trend changes with a flower-shaped symbol, using color to show direction. It can also issue alerts, sound notifications, or smartphone push notifications when a trade signal appears.
The settings cover the source indicator’s timeframe and smoothing parameters, the bar used to read a signal, display placement and appearance, and alert behavior. The example defaults to a six-hour timeframe and reads the current bar, though both are configurable. The document explains that multiple instances on one chart need distinct label names and that the underlying indicator must be installed. It provides no performance results, entry or exit rules beyond the displayed signals, or evidence that the indicator is profitable; the signal display is a tool description, not a validated strategy.
Key ideas
- The indicator displays trend continuation and trend change signals from JMACandleTrend on a chosen timeframe.
- Arrows mark continuing trends, while flower-shaped symbols mark direction changes.
- Users can configure smoothing, signal bar, display appearance, and alert behavior.
- Multiple chart instances require different label names, and the underlying indicator must be installed.
- The document provides no backtest or profitability evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.