Category: Forex Service Review

Mr Top Bottom is an indicator that was created in March 2019 by developer Mostafa Fouladi. Mr Top Bottom is a powerful no-paint indicator that draws arrows on Tops and Bottoms. It has too complicated calculations but is very simple to use. Each arrow has a specific impact value of 1 to 10. If the impact is greater it means that the signal is probably more reliable, because it is calculated on the basis of a larger oscillation.

Overview

Main features of Mr Top Bottom:

• He doesn’t paint again.
• Identify the best tops and bottoms.
• Useful for Trend Trading and Swing Trading.
• Works well in Up Trend Market, Down Trend and Non Trend Market.
• It works on any symbol and in any time frame.
• Gives tickets with the lowest risk.
• Very simple and easy to use.
• Send alerts, emails and Push notifications.

The indicator has a sensitivity parameter that helps the operator to make it compatible with its own type of trading. It also provides access to an ATR and power panel of currency.

Parameters of Mr Top Bottom:

-Maximum bars: Maximum candles for drawing arrows. This parameter will not change the results of the calculations. Simply reduce the calculation time.
Sensitivity: You can set the Sensitivity from A to F. A means the lowest Sensitivity and F means the highest. The best sensitivity will be represented by E.

-Signal type: If you put it in “Current bar”, it shows you the current signs of the candle and if you put it in “Confirmed bar” it shows the arrows after the candle closes.

Information panel and configuration:

-Show candle time: If true, the candle clock countdown timer will be displayed.

-Candle Time Color: To set the candle time text color.

-Display panel: If true, the panel will be displayed. Including the ATR panel and Currency Power.

-Display panel in Tester: If you want to test the indicator in Strategy Tester, set this parameter to false to increase the test speed.

-Moving panel on X-axis: Moving panel on X-axis of graph.

-Move the panel on the y-axis: Move the panel on the y-axis of the chart.

-Unique identification for drawing objects: If you want to attach the indicator more than once in a chart, you must change this parameter to a new character symbol such as $, $!, %, etc.

Service Cost

This robot cannot be bought, it is only available for rent on the MQL market, at a price of 40 USD for a month, or 160 USD for a year. The free demo version is also available, so you can test it and check if this tool can be useful in your trading.

Conclusion

In short, we are talking about a robot that tries to take advantage of trends, locating tops and bottoms. Apparently the EA gets good results, since there are several users who have highly valued this robot, there are no negative criticisms. Mr Top Bottom is a robot suitable for all types of traders, its operation is very simple and its fundamentals are easy to understand.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/36398

Multytrend PA is an indicator that was created in April 2019 by developer Mikhail Nazarenko. This indicator combines the principles of Price Action and a unique filtering algorithm with feedback for three moving averages. This allows you to know what are the pivot points and current trends in any time frame with a high probability of success in the trades you are pointing out. Multytrend PA is an update of the classic Trend PA indicator and can be used with the principle of the three Elder screens, but everything that is needed is shown in the same chart, which is easier for the user.

Overview

Line 1 is in fast motion, while line 2 is in the main action, and line 3 is a slow movement to determine the direction in opening orders. The coincidence of the trend in the three movements is indicated by the arrows of the indicator and reports an incipient trend in the indicated direction.

Characteristics of this indicator:

• It has no delay and gives a notable advantage over the Moving Average standard.
• Simple and intuitive graphical interface, the configuration is minimal.
• Configuration for each customizable MA for your trading style.
• Alerts are activated when trends coincide on all three lines.
• Optimized code and minimal load on your computer processor.

Settings:

• Line 1 filtering bars (0 – line 1) – the period to calculate line 1 in bars.
• Line 2 filtering bars (0 – line 2) – the period to calculate line 2 in bars.
• Line 3 filtering bars (0 – line 3) – the calculation period of line 3 in bars.
• Filtering mode (false – high/low, true – close)

Pantalla:

• Line 1 width – line thickness 1
• Line 2 width – line thickness 2
• Line 3 width – line thickness 3
• Draw in history bars – draw the indicator in the specified number of bars in the chart

Trend alert options include:

-Alert – activate alert when trends coincide in 3 Movings Averages.

-Send mail – send an email if trends in 3 lines are the same.

-Send push notification – send a push message to your mobile when trends in 3 moving averages are the same

Conclusion

In summary, we are talking about an indicator that combines the action of price with a trend prediction based on the crosses of 3 moving averages. It seems to be a reasonably comprehensive indicator and may be engaging in its concept. Due to the fact that it has not been on the market for a long time, there are not many comments from users to verify the usefulness of this indicator, but the few comments that exist are positive.
If you want to buy this indicator, it is available on the MQL market at a price of 55 USD. You can also rent it annually for 34 USD, and try out its demo version to make a purchase decision once you have analyzed it and understood its operation well.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/37831

PZ Wedges is an indicator created in September 2017 by Arturo López Pérez. Arturo López Pérez is a private investor and speculator, software engineer, and founder of Point Zero Trading Solutions.

Overview

The basis of this indicator is that it finds wedges, which are continuation patterns identified by converging trends around a period of price consolidation. It signals the trades using a donchian break along with the break-up of the wedge formation. This is a very user-friendly indicator. With customizable colors and sizes. It implements breakout signals and implements alerts of all kinds. For optimal use and to be able to see wedges of all sizes, which can even overlap, you will have to load the indicator several times in the table with different sizes, for example, 6, 12, 18, and 24.

Input parameters of this indicator:

• Size: Refers to the size of the wedge patterns that are found.
• Break up period: Donchian period to mark trade.
• Max. History bars: Amount of bars passed to examine in the chart.
• Color of bullish patterns: This parameter is self-explanatory.
• Color of the bearish patterns: This parameter is self-explanatory.
• Uninterrupted pattern color: This parameter is self-explanatory.
• Line width: Size of pattern lines.
• Color of bullish shoots: This is the color of the arrows to buy.
• Color of bearish shoots: This is the color of the arrows to sell.
• Arrow Size: This is the size of the arrows shown in the chart.
• Custom Alert Name: Custom title for alerts raised in this chart.
• Show alerts: Enable or disable screen alerts.
• Email alerts: Enable or disable email alerts.
• Push Alerts: Activate or disable push alerts.
• Sound alerts: Enable or disable sound alerts.
• Sound file: Sound file to play when a screen alert is activated.

Service Cost

If you want to try this indicator to get to know it better, a demo version is available in the MQL market indicators section. If you finally want to buy it, its selling price is 49 USD.

Conclusion

In summary, we talk about an indicator that is based on the search for a specific trend continuation pattern (wedges), and that warns us of its formation and alerts us for the decision to buy or sell a certain financial asset. We think it may be an interesting indicator to have as a complement to other indicators, for example, a trend indicator. Suitable for all types of traders, be it a beginner or someone who is more advanced. We haven’t found many comments from users who have already tried this indicator, and the few criticisms that exist are disparate, with both positive and negative feedback.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/25264

Renko Trade Alarm is an indicator that is designed to work on the graph with Renko and Mean Renko candles. This tool generates buying and selling signals on the chart and sends notifications to the user.

Overview

For proper operation, an offline table is required in which Renko Media candles are generated. In order to receive the “Scalp” signal, it is feasible to include more filters in the form of oscillators “Stochastic” and “MACD”.

Display of the signals:

-Swing – 123 Formations.

-Pattern – Double Bottom, Triple Bottom, Double Top, Triple Top, Formations 123 Reverse.

-Scalping – Periodic change in price direction, plus additional filters in the form of stochastic oscillators and MACD.

-Ichi – Signals that have passed the Ichimoku indicator filter.

One of the most common problems we have when having multiple Renko charts with different box sizes is that a trader could end up getting confused in the size of the Renko card box they are looking at. There are not many indicators that seem to want to consider this issue, which is where the Renko Business Assistant Indicator can be of great help. By adding this Renko Trading Assistant indicator to your Renko offline or Renko Median tables, you can show in real-time the size of the Renko card box as well as key investment points.

The Renko Trade Alarm indicator helps you especially if you have multiple Renko or Renko charts open. It might seem a little tedious to navigate between Renko’s different charts, as you will need to look at the Open/Close prices of the previous boxes to determine the size of the box you are using. With the Renko Trade Alarm indicator, with a quick look, the indicator will show you what Renko graphic is seeing.

Service Cost

The selling price of this tool is 30 USD, or you can also rent it for 10 USD per month.

Conclusion

In short, we are talking about a Renko indicator that can be confusing for beginner traders. For this reason, we recommend studying first what constitutes a universal Renko indicator to understand this tool better. There is a free trial version that we must try to know this indicator and the possibilities it has to enrich our trading or not. You can find it in the MQL market in the indicators section.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/37572

This indicator indicates the stochastic crossing in the direction of the trend that is determined by the relative price position in the characteristic Ichimoku cloud.

Overview

The main features of Stochastic Ichimoku are as follows: 

-Flexible adjustments. Signals are filtered by bullish or bassist bars (parameter “BUY – only on bullish bar; parameter SELL – only on bear bar”).

-Stochastic crossing configuration levels (parameters “BUY-signal if Stochastic under this level” and “BUY-signal if Stochastic under this level”).

-Ability to use the Ichimoku cloud for higher time frames (parameter “Time frame of Ichimoku Cloud”).

Label in the top right corner will show you the direction of the trend:

-Up arrow indicates that the price is above the Ichimoku cloud;

-Down arrow indicates that the price is below the Ichimoku cloud;

-The price is in the cloud (plane: in this circumstance, the signal will not be generated).

The signal is activated not only when the bar is closed (signal formed), but also in the current bar that is not closed yet (signal likely). It has enough time to analyze the reality of the market and allows you to take time to make a decision and calculate trading parameters.

The indicator can generate an early exit signal from trade when the stochastic lines intersect inversely (against the trend). You can activate (ON) and deactivate (OFF) this option using a button in the bottom right corner of the chart (adjustable parameter). Activate this button only if you are in the market and want to close a trade according to the inverse crossing of stochastic. You can disable this chart button if this option is not required (“ON-OFF – Reverse signal button”=false).

In general, good results are obtained with the default parameters if an Ichimoku cloud time frame is set a level higher than the current one. For example, attach the indicator to a graph with М1, and set the cloud time frame (parameter “Timeframe of Ichimoku Cloud”) to М5. If a graph has a М30 time frame, set H1 as the cloud time frame, etc.

Parameters:

• Period K – period to calculate the Stochastic %K line.
• D Period – average period for calculating line %D.
• Deceleration – value of slowdown.
• BUY – Buy signal appears if Stochastic is below this level.
• SELL – Sell signal appears if Stochastic is above this level.
• BUY – A bullish bar only.
• SELL – The bearish bar only.

Conclusion

In short, we are talking about a well-known indicator (Ichimoku) that generally gives good results. If you want one of the multiple indicators of Ichimoku that exist in the market, this can be an option to consider, since its price ($30 USD) is affordable, and the indicator accumulates good comments from its users. The indicator can be found in the MQL market, and you also have a free demo version.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/9925

This indicator coded for the MetaTrader 4 and 5 platform belongs to the paid category and has a specific way of giving signals and trading use. The first version is published on the 3rd of July 2019, it is not a very old indicator but has received some attention. The developer is Janusz Trojca from Poland now under the team name of InvestSoft. This team has a total of 10 products with good ratings, some of them complement the TPA indicator for a complete trading system. As the name describes the indicator is based on the Price Action strategies known for the use of support and resistance lines. The authors developed a blog website investsoft.eu/ with several articles about the TPA indicator and how to use it in conjunction with others.

Overview

The page presenting the indicator on the MQL5 may look too complicated and probably will turn away customers looking for a simpler solution or just do not want to invest time learning how to interpret the signals given by the TPA indicator. The developer first wants to point out that TPA is not repainting and gives signals once the candle is closed. It can be used as the confirmation indicator but also as an exit. There are multiple ways a trader can use the signals. TPA is versatile when it comes to where it is used and on what timeframe. This means it is universal.

TPA is presented as a tool that is not the mainstream, thus avoiding the common techniques used unsuccessfully by the 90% of traders. These are characterized as misleading, most of the traders do not make a significant success if any, just because they are using the tools market makers know about and predict. However, the page does not say anything about the indicator’s exact strategy and formulas. The latest update is version 2.1 from November 2019 giving the indicator a cleaner code, the TAP line, and performance optimizations.

TPA indicator developers made a Telegram group chat for owners of the indicator where trading and other support are delivered to those that need it. Since the indicator is intended for those that know a bit about trading or for those that are willing to learn, it has the guide that is not short and could be harder to follow for some users. The demo is available and mentioned that even it could be tested in the Strategy Tester module of the MT4, the results do not count for the other factors traders implement when trading. Therefore, it is not just a plain signal following, the results in the simulation may not be valid.

In the blog article manual for the TPA indicator, we can see the scope of usage. It is essentially a trend following strategy using higher timeframe filters, price levels, risk management, and other measures outside the indicator function. The TAP line is added as the filter to counter small corrections that do not change the bigger underlying trend, it is a noise that should be filtered. The main idea is to follow the market makers and big trends they produce. 10 questions are designed for you to follow the logic of trading and using the TPA indicator.

According to them, the TPA line slope determines if the market is ranging and if there is a trend to follow. The higher timeframe is also important to analyze. Other steps are required too and involve subjective analysis of other signals, such as Fibonacci levels. The manual is also written in a hard to read English and not everyone can understand what is required. Therefore, this indicator is not for beginners. Many will be in doubt with the subjective interpretation of inconclusive TPA signals. There are some pictures as examples to see how the TPA line on 50 period acts as a rebound level, considered to be used by many market makers.

Service Cost

The indicator price is $198 for 5 activations or to rent for one month for $40. The developer states that the demo may not show the valid results in the Tester module but it does not mean trader cannot use and try the Demo without the Strategy Tester.

Conclusion

As the indicator is not explained very well and it requires some trading knowledge, it does not receive the popularity as some other indicators. The higher price is also a barrier for more indicator users. For those that understand and have used for this one after the demo trial, it is not a high price to pay. As for the rating, the TPA indicator has 4.5 stars out of 38 reviews. The review sample is high enough to have a representative image of user satisfaction. We have found only 2 users with a 1-star rating but did not disclose why the TPA is bad. The rest of user reviews that are not perfect state that TPA does not show the exit points. In our opinion, TPA has potential but requires a good amount of forward-testing and your own set of rules on how to interpret the signals. The support Telegram channel is a very good starting point if you decide to use this one, just do not expect to understand it very quickly if you are new to the scene.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/39932

PipTick VWAP for the MT4 platform is a special form of the Volume-Weighted Average Price indicator. One of the most used Moving Averages apart from the EMA or Exponential Moving Average is VWAP for its adaptability to recent market changes. Michael Jurnik from the Czech Republic is the developer of this tool, partner at PipTick. They have published 59 products, many of them not having much popularity or ratings.

Overview

The initial version of PipTick VWAP MT4 was released on 25th February 2015. It is an old indicator that has received just one review for that time. The latest update was on the 12th of May 2016 to version 1.3 where calculation accuracy has been improved and added some parameters for visuals. This indicator is also available for the MetaTrader 5 platform, both are in the paid category on the MQL5 market.

There are many ways you can use the VWAP and is a part of many trends following systems when combined with other tools. The specifics of this version is that it works in five modes. Moving mode sets the indicator to calculate as the Moving Average, while in Daily mode the VWAP is calculated from day start to the end, thus giving the traders daily range often used in trading. Weekly and Monthly do this for the selected periods and Session Time gives the ability to set a custom period for this calculation.

VWAP will be displayed as a band on the chart and thus it could be used as Bollinger Bands for reversals. Still, the best way to use the tool is for trend following and setting the Risk Management levels such as Take Profit and Stop Loss. There are 3 bands, each of them represents Standard Deviation on different sensitivity. If you combine other Moving Averages you may have a great trade exit system where the cross with the deviation line will signal precise trend exhaustion. The author suggests using the indicator with Price Action or Candle patterns.

The main features of PipTick VWAP are several calculation modes, first, second, and third standard deviation levels, customizable visuals, EA friendly, and is described as fast and reliable. There is also a demo video showing the indicator in action although not much can be concluded from it, it will just plug the lines and the channel and the rest can be used and combined in so many ways.

The settings panel will give you the ability to adjust the input and output parameters. Input parameters are Volume Method (to use real or tick Volume), VWAP mode, MA Period, colors for the lines, and visibility of all the lines for deviations, etc. Output parameters allow you to set the VWAP value, and bottom and top values for the first, second, and third standard deviations. These settings give enough freedom to test and adapt the indicator to the trader’s system and also opens the creativity.

Service Cost

The price of PipTick VWAP is $57 to buy and have 50 activations. Renting starts at $17 for one month and $37 for 3 months. A demo is available and it has been downloaded 959 times at the moment of this review. This shows some popularity but as the reviews and comments go, it Is very low.

Conclusion

PipTick VWAP for MT4 has received only one rating and it is not positive:

“This project seems to be stoped. It hasn’t been updated since 2016 and the developer doesn’t answer questions since 2018.”

The indicator consumes a large amount of CPU if the [Max bars in the chart] in the Options menu has a large value. I’ve proposed a simple solution, but it doesn’t respond, so I can’t use it and I’ve had to uninstall it.” Based on the comments section we have noted the developer did not notice user complains but plans to update the performance issues in version 1.4 soon. In our opinion, the price tag for this simple indicator is too high, not much is done here and this kind of indicator could be found on the internet for free, probably even on the MQL5 marketplace.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/8187

MA Multi stands for Moving Average Multi Timeframe indicator that is useful in many ways and for many strategies. The developer of this indicator is Dmitriy Susloparov from Russia having 16 products offered on the MQL5 marketplace. None of them have received much attention and only MA Multi and one more indicator have ratings. Most of the indicators published are similar, they are basic indicators made multi-timeframe on a single chart. MA Multi also exists for the MetaTrader 5 platform. The first appearance on the MQL5 market is on the 3rd of May 2017 and updated on 31st, a few days later on request by one user. The developer responded quickly and made the additional option to turn off redrawing on closing each candle, updating the indicator to version 1.1.

Overview

MA Multi will work with any combination of timeframes on a chart, thus plotting several lines for each timeframe you turn on. As the Moving average has a multitude of uses, having a combination of default MT4 indicators, and this one can result in having a completely new indicator generating unique signals. It can even mean a whole new trading system. As you add channels, ATR, and other indicators on the same chart, technical analysis, and interpretation open a plethora of possible signals. Therefore, this indicator does a simple job, this is basic coding, and that are many free versions of such indicators, but, having this one customized to your liking is a nice gesture. MA Multi will be displayed as a Step MA for higher timeframes as this is how it looks like when you switch. Each line has its color, width, or whatever visuals you like.

In the settings you can set the Period, Method for calculation of the MA, the new Redraw option, and a list of timeframes to show or disable on the chart. The developer has uploaded a video showing a practical example of how the indicator can be used in trend following strategies, still, as we have mentioned, the possibilities on how you can use this are endless. The video is in Russian but it is not necessary to understand the use of multi-timeframe MA.

Service Cost

The price of this simple indicator is $10 to buy and having 5 activations. There is no possibility to rent this one but a demo is offered.

Conclusion

The developer is very open to additional updates. It seems, so if you have a special request to adapt the tool, you can send a message in the Comments section. Unfortunately, the price of $10 is low, but the indicator is very popular and has wide availability on the internet and forums for free, from other coders. It that sense, purchasing this one may be a good idea if you plan to ask the developer about updating with your needed features.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/22642

Infinity Trendline is a trend following indicator with integrated solutions for Taking Profit and Stop Loss management. It is developed for the MetaTrader 4 and 5. It was a top free indicator once it showed up in November 2018 on the MQL5 market and since it has received many updates. New things are mostly about adding features and updating the code, enriching the indicator with new goodies. The latest update sets the version to 52.0 and is updated recently, in March 2020. Evgenii Aksenov is the author of this popular indicator/ trading system consisting of few indicators. Main takeaways are the easy-to-use trading signal system, good support, and the fact this is a free indicator that is usable even though the PRO version has more features.

Overview

Infinity TrendLine mainline may look like a kind of Step Moving Average. The author is not very clear on the inner workings on this main trend confirmation indicator but based on the settings we believe it is the ATR or Average True Range, a classic one for measuring volatility. In the Overview page, this is just explained by analysis of the average range of bulls and bears. The indicator will show you a trend signal with an arrow and it will automatically calculate 3 Take Profit levels and a Stop Loss. There is a panel on the side that shows you the probability of the price reaching the first, second, and third Take Profit. Based on this you can trade signals with the highest probability. Note that the free version will not give you the Take Profit 2 and 3, the result based on historic trades will not be shown, and many of the customization options are turned off.

Consequently, the free version feels like a marketing tool, and judging by the Overview page full of marketing cannons, the developers are heavily oriented to sales. This is not always a bad sign, the free version still has some usability. You will have a quick symbol selection pane once you click the “Free” button with the timeframes and the success percentages on each, giving you the ability to scan for the best opportunities. This rounds up on how to use the indicator, each signal optionally has a higher timeframe filter for better noise signals reduction.

These functions are available in this free version. Unfortunately, a good portion is left out, such as calculation type option, amplitude settings, Take Profit and Stop Loss settings, and adding custom symbols for the probabilities scanner. In the early days, the indicator had Amplitude, Period, and other settings for the Zig Zag indicator were available, but it seems the free version is updated in favor of the PRO, therefore becoming the sales channel. Even the screenshots on the Overview page are using the PRO version, and the feature list presents only what is in the PRO. Furthermore, if you buy the PRO version you are offered with other accompanying indicators from this developer for free, such as the HTF_Histogram indicator which seems to be necessary to determine the Higher Time Frame trend. More bundling sales techniques are evident. The developer will offer another indicator for free with the purchase of two of their products.

Conclusion

Infinity TrendLine with all these feature downgradings after each update still is useful as a trend baseline. Take Profit and Stop Loss levels can be used to a limited degree, but the true value of this line may be in its step-like plotting and a precise price crossing once the major trend is changing or losing momentum. As for the ratings, this one received 4.8 stars based on 60 reviews. 435 comments are signaling this indicator is still popular, giving traders a solid solution for trend trading. Although, most of the experienced traders will avoid such products providing automatic Take Profit or Stop Loss levels and the probabilities. These features are not transparent enough for them. Infinity TrendLine, even the PRO version is more for those that do not know to manage these key Risk Management levels and want a ready-made solution. As with all “All in One” products, they excel at nothing and are mediocre in everything. A notable hard to find average review is from Simone Gargano stating:

“The indicator is good, very easy to use and clear BUT as you may know before considering an indicator as good you would have tested it at least 6 months. I’ve loaded this indicator to my Koder Killer EA (used to test the indicators) and is not showing good results over the last 4 months like the indicator’s success rate shows (65%+ on average). I rate it 3 stars for this reason at the moment.”

All other positive reviews are a reason enough to test this indicator and if you need more options, consider the paid PRO version.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/33083

TickUnit Scalper Currency Strength28 PRO is a new indicator type on the scene popular with the scalper trading strategies. It is designed for the MetaTrader 4 and published on 5th July 2019. Since then it has received frequent updates with very good additions such as to save tick data for faster recovery. The developer of this combo indicator is Bernhard Schweigert from Morroco and he has 12 products offered on the MQL5 repository, most of them are popular and have very high ratings from the users. He made a currency correlation/strength indicator using Tick-Units data on 28 currency pairs, or all of the major currency combinations. It belongs to the paid category and could be regarded as a complete trading system.

Overview

TickUnit Scalper Currency Strength28 PRO is a combination of Advanced Currency Strength 28 and Advanced Currency IMPULSE with ALERT, both of them, of course, is the developer’s separate product. Currency Strenght can be used on 11 different tick units, 1, 2, 3, 4, 5, 6, 10, 12, 15, 20, and 30 seconds. You will have the convenience to have a single chart for all 28 pairs trading under the subwindow. Now, since the indicator is used on the lower than M1 timeframe, up to 30 seconds, it is not the standard MT4 indicator. Advanced Currency Strength28 Indicator is used for the standard MT4 timeframes and is a separate product. Tick Unit Scalper Currency Strength28 is presented as the first tick unit indicator on lower timeframes than M1. As such, fas broker conditions are a must, also the spreads must be raw. A user manual is made and linked in the ‘Overview’ page. It is detailed with gif visuals, although not very clear, traders that have a bit of trading and MT4 knowledge will understand how to use this special indicator.

The feature list is interesting but now everyone will see the value-added just by reading the description. One would need to try the indicator first. Sensitivity modes will adapt to the trading style, be it super frequent or slow and steady. Alerts are possible for extreme values in the Currency Strenght meter so you will know when a very good opportunity arises. Each currency has special dynamics, so the indicator already has pre-set parameters for each, thus making optimal signals. Dynamic Fibonacci levels are used for the Price Action zones as part of the proprietary code for this indicator, and according to the signal is generated. The zones represent areas of Resistance and Supply and are recommended to add on, it Is another indicator.

A signal is very easy to follow, it will be shown in the window and with one click a chart will open the currency pair. Even though the pictures show the Take Profit levels, it is not very clear if they are calculated by the indicator or if they are just fixed values. Trades should know when to trade, the momentum will show when the market is flat and no currency stands out as the weak or strong. Also, the traders should avoid main fundamental analysis events or factors that could affect the market. This is common for most scalper strategies. This said testing is valid only if manually done.

The settings are very detailed, you can change the Alert parameters, set the sensitivity and timeframe, visuals change, and more. Bernhard Schweigert also packed the templates and profiles for the MT4 and also has a blog with many useful updates, news, and tips.

Service Cost

TickUnit Scalper Currency Strength28 PRO is not available to buy, only to rent for 3 months or 1 year. 3-month rent has a price tag of $98 and 1 year $148. A demo is available. The reason for this kind of charging is probably because of good ratings and sustainability for the developer in the long term. Scalping is very popular and this indicator is unique and not hard to use. The logic behind the strategy is sound but may use some popular techniques such as Fibonacci levels.

Conclusion

There are only 5 reviews for this indicator and sums up a rating of 3.8 stars. This is not enough to have a verdict. Some of the useful user reviews are:

“Very good indicator and signals, but one has to still do some more analysis to filter good and bad signals.”

“THIS INDICATOR WORKS AND I RECOMMEND IT. IT HAS MADE ME MONEY. AS I ALREADY SEEN ITS PERFORMANCE ON THE MOST POPULAR CURRENCY PAIRS…As with the other of Bernhardt’s indicators, this is a good one!”

Traders that have seen the indicator in cation with the demo can easily learn to use it and test it. Since the author has already made the templates and profiles, you should have a ready-made best settings for each currency. The rent price is small to pay if this indicator matches your fast-paced scalping trading philosophy, as it is specialized for these traders only. Whatsmore, using faster than the M1 trading period will require very high focus and stress that most beginners will have difficulty handling.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/39366

Scalp Tools Support and Resistance Levels is designed to do one thing, to identify the Support and Resistance levels. Usually, indicators that are specialized to do one thing are the ones that do this very well. Most successful trading systems are composed of a few specialized indicators for every aspect of the system. Even though the indicator name has the Scalp word, it is not limited just for scalper systems, most Price Action systems will rely on the Support and Resistance levels. This word is probably included in the name of the indicator for SEO purposes.

Nevertheless, the indicator has a perfect rating, has been developed long ago, on 9th September 2014. The latest iteration is version 2.7 updated on 5th December 2017. Scalp Tools Support and Resistance Levels is, therefore, a relatively old indicator that belongs to the paid category on the MQL5 market. Martin Fischer from Germany, the developer of this indicator has 23 products total with mixed ratings and a good part of them is free.

Overview

The tool offered is advanced, with a few very interesting features. The calculation for the important market levels is calculated automatically on several timeframes regardless of the trading instrument. Therefore, the indicator is universal. The usage is self-explanatory and the publisher has a youtube video presenting the indicator in just 1 and a half minutes. What we can see is that the design of the tool is in the form of a window with a menu. Support and Resistance lines are one of the few other options.

Timeframes available are from M1 to Monthly, the same as the MetaTrader 4 platform for which the tool is made. Here you can set the High Low distance in bars, or a range for which the tool will calculate the levels. The minimal difference in pips is also a definition parameter and the history used in the automatic analysis is defined by the bars or candles number. Interestingly, the analysis has the option to calculate levels at the cursor, as you move it. This is a unique feature that requires some coding and creativity. All parameters have the + and – buttons for ease of use. Such design does not make the tool eligible for testing in the MT4 tester module, although the tool such as this works at the moment of inserting, there is no point in testing the Support and Resistance levels through the simulation.

You will see the levels based on the settings and the evident levels based on the Price Action. Since the tool can differentiate the levels on multiple and simultaneous timeframes (traders can set H1 and Daily Support/Resistance levels on one chart), it increases the versatility. This indicator also uses round price levels as important Support/Resistance points.

https://youtu.be/_0jZ2bTS1Ag

Settings available for the tool (additional ones) are visual and the autosave function. Visuals are of course about the line width, color, type, about fond size, and so on. The autosave has the option to save periods and the symbols or to save only periods. This is quite handy, a trader will have the previously set parameters for each trading instrument.

Service Cost

Scalp Tools Support and Resistance Levels price is $30 to buy and $10 to rent for 3 months. You will have 5 activations per purchase and the demo is available. Note that the demo works only on the separate link provided by the developer. The Free Demo button will not give you the version that works offline.

Conclusion

Scalp Tools Support and Resistance Levels has only 5 reviews, but all have perfect ratings. It seems the tool did not receive much attention and popularity despite the advanced design. The most useful review is by Hailey stating:

”This is the handiest indicator and I wish all indicators were built on this principle. Click on it to see sup/res lines, click on it to remove. The support/resistance lines are right on the money. I put it on virtually every one of my templates! I don’t know the developer and I’m not getting a kickback on a $10 indicator. Just telling what I see. Great indicator.”

From our perspective, the tool is very handy but does only one thing and one that many traders can do without the need for an indicator. Therefore, the price of $30 could be a bit steep for a beginner and unnecessary for an expert (who probably already has his Support/Resistance indicator). However, in case your trading Price Action system does not have such an indicator, and you would benefit from one, Scalp Tools Support and Resistance Levels is a good choice.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/5965

This pattern is popular among the Pirce Action strategy traders, or more precisely, the 1-2-3 Pattern is a reversal signal distinguished by a zig-zag move at the end of a trend. This indicator automatically plots this pattern on the MetaTrader 4 chart (also available for MT5). Initially published on 28th September 2016 on the MQL5 market, the developer Pavel Zamoshnikov from Russia released a few updates at the request of users. It was updated with new functionalities and bug fixes finishing with version 3.5 from April 2019. Since the pattern is commonly sought-after, the tool received some popularity. The author has a large pool of released products consisting of 45 indicators, EAs, and signals.

Overview

The indicator is very specialized in what it does, but since the drawing of a pattern is subjective, this task is not easy to code and to give the right levels for drawing points 2 and 3. The base of the formula comes from the Zig Zag indicator that is adjusted through several conditional measures, some of which can be altered in the “Method for pattern triggering” parameter. The Overview page is clear, showing all that the indicator can handle. 1-2-3 pattern is drawn in real-time, and once it is completely formed an alert will be triggered, without any redrawing. A video presenting how the indicator work is great and short. These patterns can show on any trading instrument, be it in forex, equities, or crypto, while the indicator does not require manual setting adjustment for each.

If traders want to adjust the actual 1-2-3 numbers display, it can be easily done in the settings. Fibonacci levels are used in conjunction with the adjusted, non-repainting Zig Zag indicator, so the points are pinned to one of up to 5 Fibbonaci levels scanned by the indicator. These levels are also used to Stop Loss and Take Profit automatic placement and can be displayed with description if set so. A full alert component is used to signal the trader by email, push, or to a mobile device. If traders want a complete automatic solution, a new published Exper Advisor is containing the 1-2-3 pattern recognition from this indicator.

According to the author, the recommended timeframe is from M5 to monthly, although the greater the number of candles drawing the pattern the better and longer the trends are. However, it seems there are some limitations to useability. Intraday traders would need to focus on the EU and US trading sessions as the patterns are not reliable on other markets.

In the settings panel, you can adjust the number of candles for calculation, Zig Zag indicator depth, the method for pattern triggering (breakout from the 3rd point line or just touching), show Take Profit and Stop Loss levels and how they are calculated, some visual settings and how or when the alert will be triggered.

Service Cost

The Pattern 1 2 3 indicator can be bought for $30 with 10 activations without the option to rent it. A demo is offered in the separate link on the ‘Overview’ page. This price is relatively low comparing to other indicators doing the same or similar function but we have found some free versions elsewhere, just not exclusively made for the 1-2-3 pattern.

Conclusion

A total of 19 users gave this indicator a good rating of 4.6 stars and commenting often, showing high interest. This descriptive 3-star review shows not all are happy:

“After purchasing the indicator, I found a lot of problems. From a formal point of view, this is a good indicator. However, when used in practice, there will be too much noise, which is not practical. The formation of the trend is mainly after the completion of the 123 mode, that is, after breaking the 2 points horizontal line. If only 2 points of the horizontal line are needed. After the breakthrough, the market signal is stable and other signals are redundant. Any other signal warnings are noise. There are no such separate alert message reminder options set in the metrics. Your indication is that multiple message reminders appear with a switch and the sound is the same. This is not a very good difference, it is trouble…”

Just note there are only two reviews with a rating lower than 5 stars.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/18523

Currency Strength Matrix is a paid indicator published on the MQL5 marketplace designed for the MetaTrader 4 platform. It belongs to the trend confirmation category although it is used in conjunction with other indicators. It tries to differentiate by offering better information for Price Action, Reversal, and Momentum trading strategies, according to the developer’s words. The initial version was published on 5th July 2017 by Raymond Gilmour from the United Kingdom, author of just one more indicator called Cycle Finder Pro.

All are with positive ratings although the developer made these to use them as a sales funnel to his website, it seems. Nevertheless, the indicator is not overpriced, the last update was on the 2nd of April 2019. Most of the updates optimized the code for better performance, some of the early updates added functionalities such as better identify cycles, automatic reading price action for oversized bars, and some visual upgrades.

Overview

The MQL5 Overview page has good content and clearly shows how to operate the indicator. Yet the inner workings are not disclosed. What is presented are three modules, each with its representation and performance. The Trend Matrix module is a table that shows which currency pair is in the trend by plotting a 1 in the corresponding matrix cell. This way could be confusing at the start but once you understand that the left table side currencies are terms, you can know if the trend is up or down. However, the second module shows the strength of each major currency (8 of them). This table measures the score for each currency from -6 to 6 where 6 is the most extreme case of a strong currency.

The score is calculated using the relevance of other currencies plus the 1 or 0 from the Trend table. Comparing the scores traders will know which currency is the weakest and the strongest and thus have a better perspective when entering trades. The last part of the Currency Strength Matrix combo is the Momentum chart. Basically, this is the Strength table represented in a chart moving in real-time. By looking at it traders can see the momentum or where the trend is progressing to. Additionally, the chart will show the lines for each currency, the line crossing can be the trade entry signal confirmation.

Currency Strength Matrix can be used and in our opinion, must be used along with other indicators. It is a first step in the decision process since it shows the most probable currency pair having a strong trend, or are not strong enough for any trade entry. The user guide describes 3 types of trading. The confirmed trend is when all 3 modules show a clear signal on one currency pair. Pairs should be consisting of a strong currency with a score of at least +5 and a weak one with at least -5. For “early trends” traders can use the 0 level line crossing on the Momentum chart that will signal the currency gaining or losing strength.

One should also be careful to select currencies only gaining momentum from the extreme scores, such as -5 or +5. “Begging trend” trading is done by looking at what currencies are at extremes and entering a trade once they start moving out of the extreme zone. This method carries the biggest risk but traders may have entered perfectly into an early and long trend.

In the settings panel, traders can adjust the ATR multiplier used for oversized candles detection. A lower multiplier will detect more candles but smaller. Calculation frequency can be adjusted so the indicators will use more time until they update. The rest of the settings are more cosmetic, turning the panels on or off, changing the font size and color, and so on.

Service Cost

The price for the Currency Strength Matrix is $98 for 10 activations. To rent it for 1 month will cost $39 and for 3 months $59. A demo is available. Notably, the author is promoting a free indicator that comes along with this one called Easy Draw for easy market switching.

Conclusion

As for the ratings, currently, 16 reviews are giving an average score of 4.5 stars and 136 comments. This shows that the indicator has some popularity although it does not reach the level most authors would like. The quality of the code seems to produce issues to some traders, most of the updates are about optimization. Certain users complain about this:

“Not good for me and bad. I do not recommend it at all. The owner of the indicator is asleep. There is no support or update for this indicator. Which I did not benefit from.”

Overall, currency strength meter indicators are popular among traders and therefore many versions are doing the same thing as this one. Some of them are free and can be found online.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/23149

FX Power for the MetaTrader 5 (MT4 also available) is an indicator presented as “the first currency strength meter with a complete history across all timeframes”. Essentially it can be used standalone or as one of there indicators that compose the author’s Simple Trading System. The FX Power indicator developers are the Stein Investments team from Germany. The latest version is 3.76 updated in March 2020 and the first version is published in 2016.

Overview

Using this indicator requires some basic knowledge about the values of the currency relation measurements or the Delta. Although the logic is simple, the use of this indicator requires you to follow a certain strategy, and by this we mean it is not intended for scalpers on the 1 or 5M timeframe. The author has composed a very nice page about the indicator and a youtube video describing all the features of his indicator. The main purpose is to measure movement power or currency strength against others, although it has other purposes that could be used, such as quick chart switching from a single window.

The main features of FX Power are:

• The non-repainting, real-time display for all brokers
• Multiple timeframe selection that is not by default
• The movable panel display suitable for higher resolutions
• Automatic configuration
• Alerts
• EA friendly

The author presents some usage tactics but in our experience, if the indicator is used standalone and not as part of the Simple Trading System, it is completely irrelevant as the indicator should be in-line with the trader’s custom system. Also, the indicator does not represent all in one trading solution. However, Stein Investments presents 3 possible scenarios:

1. Tradeline crosses. Each line represents a currency.
2. Use the combination of two time periods to confirm a cross.
3. Use currency combinations, if two currencies are getting stronger than one, the signal is more probable.

The indicator has a great and intuitive way of changing analysis timeframes from a control panel list box. The panel alone is very nicely coded, has very useful tools. The currency strength has several modes of display in this panel, as a HeatMap, DeltaMap, Symbol, Compact, and Equalizer. The Equalizer will display currency power similarly as music tone equalizer power meters, Compact will shink the panel to show only major single currencies with their Delta value, Symbol view that will show only the currently active chart currency pair, and the most interesting DeltaMap that will show an 8×8 matrix using the 8 majors and the pair combinations with the respective Delta value – excellent for searching trade opportunities on both directions.

Clicking the crosshair located on the panel will show all 8 currencies on the indicator chart if you want to see the relation to others. According to the author, the Delta peaks, or values above 6 or below 3, are considered as good exit indication, similarly to the RSI oversold and overbought levels. The Delta panel is moveable across the MT5 and can be placed anywhere you like with the drag and drop.

Settings for FX Power are very nicely categorized and have a plethora of options for each. Starting with the analysis period, you can select many non-default ones such as 8H, 10 minutes, 3 days, or 2 years. Customizing the panel and indicators looks is easy offering the line style, color for each currency, and similar. Alerts customization is also great with a good understanding of the trader’s needs. In this light, you can set up your alerts on line cross, certain level (Delta or currency) trigger alert be it low or higher threshold. Mobile, email, or sound notification alerts are optional.

Service Cost

The price tag for the FX Power meter indicator is $49, the same is for the MT4 version. Renting it is possible, $29 for 3 months or $39 for the whole year. There are 10 activations offered after purchase. A demo is available. The price is right at the point, the indicator is high quality and useable. Of course, there are similar ones for free if you are picky, but probably not the same quality or options.

Conclusion

The indicator received great reviews. The MT5 version has only 3 user reviews from the MQL5 repository but the more popular MT4 has an almost perfect 4.9 ratings from 70 reviews. The ones that left 1 star were hard to find and totally irrelevant, like this one:

“VERY DANGEROUS discretionary trading approach you can burn all your deposit if you don’t be skilled enough. You need a plan a money management strategy and an exact entry signal approach. BE WARNING WITH THE DISCRETIONARY TRADING SYSTEM THEY CAN BE CATASTROPHIC ESPECIALLY IF YOU DON’T BE SKILLED”.

It can be said that this indicator does exactly the job it is intended to the point of perfection. The combination with other trading systems is great, it can serve also as a filter for entries, as an exit indicator or as trade entry. Our recommendation is to use as an opportunity scanner on multiple timeframes, just be sure to use the right one for your trading.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/16252

EMA Cross alert is a simple but paid category indicator created by Suriya Thammalungka from Thailand. The EMA means Exponential Moving Average, an indicator used very frequently in many combinations but mostly as a two-line crossing for trend following. The indicator is simple and is never updated since the initial version in June 2016 for MetaTrader 4. It is interesting to see this indicator in the paid category as it is too simple to belong here and the indicators used are basic.

Overview

Traders mostly use the 50, 21, and 100 period EMA for as the support line and in combination with a faster EMA for a signal. This is what the indicator’s main purpose is, to alert on the faster EAM crossing the slower. By default, you can insert as many EMAs as you want onto your chart in MT4.

Service Cost

To purchase EMA Cross Alert you will have to pay $19 for 5 activations, or $12 to rent for 3 months. A demo is available. The response to this release is absent. There are no reviews and no comments. The reason for this is the indicator simplicity, EMA already exists in the standard MT4 installation and the only this the author did is add the alert on the cross with an arrow. Other indicators like this exist and they are free. Therefore, there is no reason to spend $19 on this version. There are other simple products by this author (10), interestingly, none of them have received any rating or popularity.

Conclusion

There is nothing worth mentioning with this indicator except that is has the alert system on line cross. The alert can be turned off in the settings but there are no special notifications. Essentially, there are 3 settings, period for the first and second EMA, and the alert on/off setting. Based on the settings, the EMA will leave a visual arrow on the chart on the candle close on any timeframe. You can customize the periods giving you different uses. The author published a video with all the settings demonstration. Of course, it is nonsense to measure the performance of such a simple indicator.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/16974

Candlestick Patterns All Pair is an indicator developed for automatic pattern recognition and plotting them on the MetaTrader 4 chart. The tool belongs to the paid category on the MQL5 market and is developed by Denis Luchinkin from Russia. He has over 20 published products but without notable popularity or ratings. This tool is published on the 23rd of March 2017 and has not been updated since. The candle patterns are used as predictive signals and could be reversal, trend, and sometimes scalp strategy elements.

Overview

This tool has a single purpose and this is the automatic plotting so you do not have to search for the pattern. 29 patterns are included in the database for recognition applicable to all forex currency pairs and timeframes. Notable features are the 5 additional settings for instruments, plots an arrow so you will know if the pattern is bearish or bullish, each pattern can be disabled if you consider it unreliable and has a handy table which shows the last patterns on all 28 major currency pairs and timeframes. This way the table will show traders what are the latest opportunities and possible Price Action movements. If you want to hide the table it is done with a click of a button.

The tool is simple and does the job well, the patterns are correct and precise. If you want to search more history you can set the candle values in the settings. Timeframes can also be turned off or on so you can have only 1H and 4H timeframes available, for example. Some visual settings are also optional like the text size, color, and so on. The patterns included are mostly common and considered as reliable although some may be missing such as Double through, still, some of them may be visible only on higher timeframes. The database contains Advance Bloc, Belt Hold Line, Counterattack Lines, and others that are not that used, then the Dark Cloud Cover, Doji, Engulfing, Evening Star, Gap, hanging Man, and Hammer which are commonly used.

Others patterns are Gravestone Doji, Harami, Inverted Hammer, Long Legged Doji, Mat Hold Pattern, Morning Star, NeckLine, Piercing, Separating Lines, Shooting Star, Side By Side, Stalled Pattern, Tasuki Gap, Three Crows, Three Line Strike, Three Methods, Three White Soldiers, Tweezer, and Upside Gap Two Crows. Once you pull in the indicator you will see the pattern and the name with the accompanying arrow depending if the pattern is bullish or bearish. The “Ago” column in the table shows how many candles have passed since the pattern appeared.

Service Cost

The price for the Candlestick Patterns All Pair tool is $25 to buy for 100 activations or $10 for a 3-month rental. A demo is available as the MT4 automatic install if you are registered in the MQL5 market.

Conclusion

The ratings are absent and a few comments are suggesting this tool is not popular. In the comments we have noted several users asking for alerts and other updates but the official update has not been released since. So, the developer may have abandoned this tool. If you are a fan of patterns, you could find other indicators such as this one for automatic plotting for free, although the price of $25 is not too much. Since the demo is offered, you will know if Candlestick Patterns All Pair works.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/21853

BlueDigitsFx Spike And Strike Reversal is a composite indicator for the MetaTrader 4 platform developed by Ziggy Janssen. This MQL5 repository developer is the owner of 6 published products with solid ratings and popularity. The indicator, as the name suggests, is a reversal strategy signal provider in the paid category. It is also aimed to filter fake reversal signals from the market using another module integrated. The overall quality is great and could be a good addition for traders relying on reversals, provided they have some additional tools. BlueDigitsFx Spike And Strike Reversal was published on 12th November 2019 and has not been updated ever since. Still, it does not mean it does not have the support, it is just a few months old but already has received some attention.

Overview

Two modules are integrated into this indicator. One has multiple indicators, aggregating the reversal confirmation signal. Essentially, it is a prediction indicator, not to be confused with confirmation indicators that lag. The second is the oscillator based on which the arrows are made for trade entries. One important fact about this indicator, it is repainting and this issue has been reported by some users. The repainting issue is not always a bad thing, to some traders’ philosophy, the market conditions can change and thus the signal also changed, the indicator has changed its “mind” as a real person would.

However, the problem lies that you will not have valid measurements when backtesting as that historical false signal before the indicator changed is not recorded on the chart. Repainting may mean the indicator never misses and is always positive on the outcome. Some additional indicators that lag and confirm the signal are essential for repainting indicators, and such case is also with the BlueDigitsFx Spike And Strike Reversal. Bollinger Bands are also used judged by the settings, although just for the channeling.

The main features of this reversal indicators are easy to follow signals, you will basically have arrows for sell and buy, cannot get more simple than that. It has the filtering ability, although we are unable to confirm if this feature is transparent or just integrated, thus decreasing the value of the indicator in conjunction with the trader’s system. Signals are generated on bar close only, works for all symbols and timeframes, has the full alert module with all the features, and is compatible with EA development. The features are not packed with redundant content, which signals the author is authentic with the approach, not a salesman. Similarly, clear content is about the usage guide. The trade entry signal revolves around the -6 and +6 value of the swing. Take Profit level is also determined with the swing low and swing high.

The trade exit is naturally evident with another arrow in the opposite direction. All this makes this indicator well rounded up although, note that is should be used as an addition to a system, as the developer also suggests. For best results, other system products by Ziggy Janssen is suggested, but it could be any reversal system. The product is called 1,2,3 system and is published on the MQL5 repository. The timeframe suggested is H1 and above although lower can also be used with less precision, meaning the indicator is not ready-made for scalpers and we are unsure if any setting change can make it so.

Settings are simple, traders will not have much to change here so optimization should be easier although it also limits the optimization scale. Nevertheless, you can change the calculation period, the filter period, the signal method, and the Bolliger Band parameters on the period and deviation.

Service Price

The price of BlueDigitsFx Spike And Strike Reversal is now high, $30 to buy, and $15 to rent for one month. If the MQL5 market is correct, 68 activations are available once you buy, more than enough even if you change your computer every year. A demo is available too.

Conclusion

Based on the reviews, this indicator only received 2 low ratings form users that did not like the repainting fact. Others are very satisfied. One review describes well how the indicator contributed to his trading:

“I don’t usually leave reviews and I’m not a big fan of most indicators, but THIS ONE… Ziggy knocked it out of the park! Don’t use it as a stand-alone indicator, but with price action and weekly pivots, it’s incredible for me. Having alerts to give me a heads up for price reversals, which is how I trade, is a dream come true. Ziggy makes himself exceptionally available and cares about your experience with his indicators…This indicator is exactly what I wanted to keep my charts clean but effective. I’d would give more stars if they were available! Thanks, Ziggy!!”

In our opinion, the indicator should be first understood and tested for repaints yourself. Even if it does, forward demo testing is needed. First of all, it should be assessed if this indicator is synergetic with your system. On the side note, the BlueDigitsFx Easy 1 2 3 System received a perfect rating out of 33 reviews, which is not easy to achieve, it should be considered as a possible system that works with this indicator.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/43438

True Direction Oscillator or TDO is a trend gauging oscillator type indicator using a simple but effective formula. The developer is very open and transparent on how the indicator works and the Overview page has professionally made content. TDO has been initially published on the MQL5 market on 23rd November 2015 and since has received many updates. The latest version is v9.1, freshly updated in February this year. The author of this very interesting and popular indicator is Muhammad Al Bermaui from Egypt, showing great dedication to support his work.

Overview

The latest updates include optimization of the code and buffers, making the indicator require fewer computer resources and some additional ease of use and visual enhancements. The number of reviews and comments is great, making this indicator one of the most popular on the MQL5 market. It belongs to the paid category although the price is not high, especially for a quality indicator.

TDO is an enhanced momentum indicator based on the Price Rate of Change (ROC) except the formula is improved to work equally on bullish and bearish momentum. Therefore, the formula is disclosed as:

• Center = (A + B) / 2
• TDO = 100 x (A – B) / Center, where A and B are price levels

For trend traders, TDO is a great addition. Based on the presentation, the indicator is universal, using the formula on every trading instrument is valid. The timeframe is also universal, thus it can also be used in certain scalping strategies and has a good way of having an exit signal, not just rend confirmation. TDO will draw an arrow on the chart once the trend is confirmed, and does this based on 5 different TDO periods alignment in the same direction, bullish or bearish. This is done to prevent false zero-cross signals as per developer words. Additionally, TDO is confirmed to be non-repainting.

To facilitate with Take Profit and Stop Loss management, TDO features a panel with buttons to turn on the Linear Regression channel or Standard Deviation channel, giving the traders precise levels for this purpose using one of the best mathematical methods for measuring volatility highs and downs. Also, you can add Grid levels (rounded up price) and the automatic Support and Resistance plotting on the chart. A well rounded up solution for those using the Price Action strategies.

The developer has a very neat “table of contents” providing the readers a link to the TDO demo, User Manual, FAQ, Video library, and an EA development guide on the TDO indicator. All of the guides are clear and well written. TDO is simple to trade, an arrow will point and confirm the trend, the arrow in another direction could also mean the exit and the appearance of a new trend. Scaling in, or adding a position to already open trade in the same direction, is suggested once the TDO panel lights are aligned.

Of course, you can set alerts when this happens and also on additional parameters so traders will not miss the opportunity. The video provided shows that the indicator has a histogram that draws only once all of the TDO signals are aligned, showing the “True” trend. Using this histogram can also be a good exit or continuation strategy.

Four color palettes are offered in the settings listing and you can also have a quick symbol changer on the chart, allowing traders to have easy switching for all major 28 currency pairs on a single chart window. If 28 currency symbols are not enough, you can add more in the settings using the “;” separator. If you have too many symbols, you can arrange them in custom formation like 3 rows with 10 symbol buttons or similar. Timeframes switching is also designed similarly, right below the symbol buttons with the option to show up to 9 timeframes.

The mentioned channels are also customizable in the settings where you can change values for the calculation period, and also to set the channel as a ray, extending well beyond the last price level for prediction purposes. Grid settings are optional and the same is for the Support and Resistance automatic plotting.

Service Cost

TDO is priced $50 to buy with 1000 activations. Therefore, traders purchasing this indicator will never run out of licenses. Renting is possible for 1 month for $10 and 3 months for $30. A demo is provided but works only on the EUR/SUD pair with full functionalities, a separate link for it is provided. The price for a great trend indicator is never an issue, especially when we see support form the author and extremely good rating.

Conclusion

TDO has a rating of 4.9 out of 388 reviews and has 552 comments to this date. This is hard to achieve, we had to search a while to find bad reviews, we have found one that signals that TDO might be lagging for some:

“These signals are mostly wrong. Not sure what everyone is talking about. The panel constantly changes and the arrows are mostly wrong.”

Out of the good reviews, to the point is the one from bubienok:

“True Direction Oscillator and Bermaui Deviation Percent are perfect for intraday and also trend trading. Excellent work Muhammad.”

TDO is probably one to go for trend or swing traders, it goes very well with other indicators from this developer, but it can also be a great addition to any system.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/12914