This MT4 indicator performs trend analysis based on the Dow Theory. With this indicator, return highs and push lows can be clearly identified and trend analysis can be performed.

The functionality can be extended by using the " Add-on for Dow Theory Trend Monitor ".

The chart below is the 1-hour time frame of the EURUSD. It shows the trend line (ZigZag), the high and push-low, the band line connecting a series of return highs and push-lows, the latest high and the latest push-low. The high and low are rounding up, clearly indicating that the price is on the upside. The high at 1.12488 is the resistance level and the previous return high at 1.11613 is the support level, clearly indicating that the price is in a range.

The trend lines of this indicator do not repaint (redraw) like the "ZigZag" indicator built into MT4, so there is no blurring of the line of sight. It can be used on all time frames and switches instantly when changing time frames, and can also be used on 1-minute and 5-minute time frames, making it useful for scalping. The chart below shows the 1-hour GBPJPY, with OANDA open orders (orange for sell orders, blue for buy orders) overlaid with this indicator. You can see that there are thick sell orders below the push low. The thick sell order below the push low is a stop loss for the buy position, so a break below the push low is expected to cause the price to fall, involving a loss cut.

This indicator has the following functions. ■Displays high and low prices by swing high and swing low ■Displays high and low prices ■Displays a band line connecting high and low prices ■Displays a band line connecting return high and push low prices ■Displays a trend line (ZigZag) connecting high and low prices ■Displays horizontal lines of return high and push low prices ■Displays the number of consecutive highs and lows ■Displays the number of consecutive highs and lows ■Displays whether the current price is in the upward (buy) or downward (sell) direction ■Plays an alarm sound at the latest high above or low below the current price ■Displays an alert at the latest high above or low below the current price ■Displays the number of consecutive highs and lows above or below the current price Push notifications to your smartphone MT4 when the latest high or low is exceeded ■Email notifications when the latest high or low is exceeded We offer subscriptions (monthly) so that you can try the service without hesitation. You can cancel the subscription if you no longer need it.

◆One month version ¥1,980 (tax included)
Available for 1 month from the date of application.
Automatic subscription (automatic debit) every month.
Click here for cancellation procedure

■Ver 1.00 (May 26, 2019) Released ■Ver 1.01 (August 4, 2019) - Revised the problem that the return high and push low lines are not drawn - Added parameters for the comment displayed in the upper left corner of the chart ＜Added parameters＞ - Comment color - Comment font Font size of comments - X coordinate of comments - Y coordinate of comments - Line spacing of comments ■Ver 1.02 (August 11, 2019) - Added ability to display band lines for return highs and push lows - Added ability to display alerts at the latest high above or low below - Added information for notification and email body (Change to be able to apply multiple indicators to a chart. Display the band line of return high and return low ・Style of the band line of return high ・Width of the band line of return high ・Color of the band line of return high ・Style of the band line of push low ・Width of the band line of push low ・Color of the band line of push low ・Alert at the latest high above or low below ・Notification text at the latest high above or low below ・Notification text at the latest high above or low below Notification text for the latest high above or low below the high - Notification text for the latest high above or low below the low - Rate added to notification for the latest high above or low below the high - Email text for the latest high above or low below the low - Rate added to notification for the latest high above or low below the low Ver 1.03 (August 13, 2019) - Added parameters for comments displayed in the upper left corner of the chart - Corrected information in the notification and email text (JPY->JST) ＜Added parameters＞ - Comment section ■Ver 1.04 (October 22, 2019) - Size of high and low prices Change function to "MN" from "MN1" in the notification time axis ・Addition of add-on support function ・Change to confirm a push-low price when the high price is above the high price ・Change to confirm a return-high price when the low price is below the low price ■Ver 1.05 (October 29, 2019) ・Size of high price - Size of low price 29th) ・Changed to Fix push-low price on break above high -Changed to Fix return-high price on break below low -Changed to Fix return-high price on break below low -Changed to Fix return-high price on break below low

For detailed specifications and usage, please click here.

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MT4 ダウ理論トレンドモニター【1ヶ月版】