Real author:

Ramdass - Conversion only

CoeffofLine indicator shows the most likely future price direction (2-3 bars).

The indicator depends on symbol, timeframe and period. If the indicator is turned up, it's a signal to open long position. A signal to close long position is: turn down of the indicator and a confirmation from lower timerframe (negative values). The similar rules for short position: turn down on the current timeframe, for closing of short position it needs a confirmation from lower timeframe (positive values).

The indicator has been published in Code Base at mql4.com 11.08.2006.