Explore the latest free tools from the MQL5 community. Here's a new indicator, expert advisor, or script for MetaTrader.
The essence and logic behind the script:
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Scanning: Retrieves all financial instruments open in the ‘Market Watch’ window .
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R² trend smoothness filter: Calculates a linear regression over a specified number of bars (50 by default) . If the price action is too choppy and the R² coefficient is less than 0.70, the pair is rejected .
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Trend Strength Filter (ADX): Retrieves the ADX indicator values . If the value is below 25.0, the pair is excluded .
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Data output: For pairs that pass the filter, the trend direction (UP/DOWN), the precision of the movement and the ADX value are displayed in the ‘Experts’ tab .
How to use:
Simply drag and drop the script onto any hourly (H1) chart. It will immediately scan the chart and display a list of the identified trending pairs in the ‘Experts’ tab at the bottom of the terminal.
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