Omega Trend Indicator for MT4 Download – Free – [TradingFinder]

The Omega Trend Indicator is one of the practical tools in technical analysis that identifies the overall market direction.

This tool, using two lines (blue and pink), draws a dynamic channel on the chart and shows the bullish and bearish conditions of the trend.

Specifications Table of the Omega Trend Indicator

The following table shows the specifications of the Omega Trend Indicator.

Omega Trend Indicator at a Glance

The trading signals in the Omega Trend Indicator are displayed as follows: the blue cloud indicates a bullish trend, while the pink cloud indicates a bearish trend.

Traders can use price touches to the channel bands as entry points for trades.

Bullish Conditions

Based on the Solana (SOL) cryptocurrency chart on the 1-hour timeframe, the formation of a blue cloud indicates a bullish trend.

In these conditions, price interactions with the created levels or entry into the cloud area are considered as opportunities for long positions.

Bearish Conditions

According to the NZD/USD pair on the 30-minute timeframe, the consecutive formation of pink clouds by the indicator shows the bearish trend.

As shown in the chart, points where the price touches the pink cloud area provide suitable entry opportunities for short positions.

Omega Trend Indicator Settings

The settings of the Omega Trend Indicator are as follows:

• Factor: calculation coefficient number for indicator sensitivity to price changes
• ATRperiod: number of candles for Average True Range calculation
• BackPeriod: number of past candles for trend analysis
• ALERT: alert activation
• EMAIL: alert via email
• NOTIFICATION: notification sending
• MESSAGE_TIMEOUT: time interval between two messages
• MESSAGE_SUBJECT: alert subject

Conclusion

The Omega Trend Indicator, using blue and pink (purple) colored lines, clearly identifies bullish and bearish trends.
This indicator, relying on Average True Range (ATR) calculations and adjustable parameters, draws dynamic support and resistance zones and enables identification of entry and exit points.