Sideways Detector indicator for MT4 - Download - [TradingFinder]

The Sideways Detector indicator is a technical analysis tool on the MetaTrader 4 platform that displays range areas and identifies the market condition in blue boxes.

This MetaTrader 4 indicator uses internal algorithms to detect price ranges and determine whether a trend exists.

Sideways Detector Specifications Table

The general specifications and features of the Sideways Detector indicator are displayed in the table below.

Uptrend Conditions

The Bitcoin Cash (BCH/USD) price chart is shown in a 30-minute timeframe. The occurrence of several trendless candles within a price range indicates market indecision.

 If the price breaks upward from this range, it signals strong buyer entry and creates a favorable opportunity for entering buy trades.

Downtrend Conditions

The EUR/USD currency pair chart is displayed in a one-hour timeframe. This MetaTrader 4 Trading Assist indicator, by showing non-trending ranges in blue, enables the detection of a range-bound market.

 If a candle stabilizes below this range, it confirms an exit from the range phase and increases the likelihood of a new downtrend beginning.

Indicator Settings

Image below shows the adjustable parameters in the settings panel:

• Average weight factor: Weighted average coefficient
• Min width: Minimum range width
• Tolerance: Tolerance or sensitivity level
• Zone Color: Zone color
• Show Last N Zones: Display the last N zones
• Lookback: Number of candles examined

Conclusion

The Sideways Detector indicator identifies neutral markets and detects trend breakout points. A correct understanding of how this indicator works can increase trading accuracy and reduce the risk of entering the market under unfavorable conditions.