Hey traders! Today, we're diving into a unique tool called the Angle and Speed Indicator for MetaTrader 5, which could give you some fresh insights into your trading strategies.
This indicator calculates the angle between the trend line and the horizontal axis. On the X-axis, it uses minute bars, regardless of the timeframe, while the Y-axis represents price points.
One key thing to remember is that local highs or lows on shorter timeframes may not align with the start of bars on higher timeframes. This can lead to the indicator displaying similar values across different timeframes.
The second variation of this indicator tracks the average rate of price change, measured in pips per minute.
Now, you might be wondering how to effectively use this indicator. Honestly, I find it a bit hit or miss. In my opinion, it might not offer much value on its own.
I even tried adding a basement feature to enhance its utility, but it didn't really help much.
So, there you have it! The Angle and Speed Indicator is an interesting tool, but I suggest combining it with other indicators to get the most out of your trading experience. Happy trading!
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