This is a classic composite trend confirmation indicator designed for trend following on the MetaTrader 4 platform. The author is Andrey Kozak who also has no less than 85 other products published on the MQL5 market. None of these products received any notable attention for the community. This is also the case with the Market Trend, even though the indicator may produce good results. The initial version was published on 16th January 2018 and has never been updated. It may be reasonable not to put effort into a product that is not needed. Still, trend confirmation indicators like this may be hidden gold to someone.
Market Trend is composed of several indicators but generates only the Buy and Sell signals. The exact formula of how the values are combined into a single signal is not disclosed. What is certain is the fact MFI, RSI, and two moving averages are used in the creation. The indicator will show the “UP!” and “DOWN!” on the dashboard to the upper right corner of the chart window. Also, a trend force or momentum will be represented by a meter. The meter can be used for exits, however, the indicator is not lagging, but will not change the signal too often.
Having such an indicator that enters a trend early and stays on the move is not common to see. According to the video presented, the indicator has not missed a trade, catches the trend early, and was not imbalanced but the noise that at times was significant. Whatsmore, Market Trend is universal, it works on all timeframes and trading instruments.
Based on some research, we suspect the indicator also has a filtering capability using the combination of the moving averages. Similarly to the MACD, there are two MAs with faster and slower sensitivity to the price change. Whenever the price level is in between the MA lines, it is filtered, and the trend prevails with the noise. Once the price levels reach above or below both MA lines, Market Trend looks at RSI and MFI for Oversold and Overbought signals and combines them for new trend confirmation. Since RSI and MFI are both oscillators, the non-lagging property of Market Trend may lie in the reversal signal these indicators are mostly used for. Now, reversals are not always reliable so the developer decided to insert two oscillators with different formulas to increase diversification.
Using the Market Trend is easy, Buy or Sell when the dashboard says so. Combining this indicator with others for other purposes than trend confirmation could create a profitable trading system. Of course, testing is necessary to see if it is aligned and synergetic with other elements. For that purpose, the author has opened a few settings to tamper with. You can adjust the periods for the RSI, MAF, and both moving averages. Now, these are not displayed so traders may have trouble finetuning as they do not see the feedback, only how the signals on the dashboard.
The price for the Market Trend is $70 with 915 activations, still, this price is higher than average. There is no possibility to rent it although you have a demo available.
Unfortunately, there are no reviews or comments based on which we could know more. We are not certain why this indicator received such low popularity, even the 168 demo downloads do not point to the price barrier issue. The gif type screenshot is eyecatching presenting the indicator in action, but as it turns out, this is not enough.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/27412