The iTrend indicator is a nifty tool that combines two powerful indicators into one seamless solution. It features a histogram that represents the sum of the Bears Power and Bulls Power indicators, giving you a clearer picture of market momentum.
On top of that, the moving average values are calculated based on the difference between the asset's price and the Bollinger Bands®. You can tweak the Bands_Mode input parameter to customize the display, and there's a handy 'direction' switcher to ensure the histogram shows correctly, no matter how you set it up.
Originally, this indicator was developed in MQL4 and made its debut on Code Base at mql4.com back in July 2006. After some analysis revealed issues with the code logic, I took it upon myself to modify the algorithm for the MQL5 version to enhance its performance.
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