The Quantum Trend Monitor is in fact two indicators in one. It has been designed to help you stay in trends once they begin, but also to signal when a trend is potentially coming to an end, or is simply pausing before continuing further. The indicator is best used in conjunction with the Quantum Trends indicator. The Trend Monitor aims to smooth out the minor pullbacks and reversals which are all part and parcel of the price action, helping to keep you in the trend to maximise the profit potential from every position. This is function of the solid bar, which displays four colors.
When the market is trending strongly, the the Trend Monitor is either bright red or bright blue. When the market is in transition or at a pause point, then the Trend Monitor is either dark red or dark blue. If the Trend Monitor transitions from one bright color to another, ( from red to blue, or form blue to red) then this is signalling that the current trend has potentially come to an end. The Trend Monitor smooths out the ups and downs in a trend, which will be reflected in your Quantum Trends, which then provides the ‘fine detail’ of every move.
The second element of the Trend Monitor is the yellow trend line, which displays the ‘strength’ of the trend, and gives an additional perspective on the trend. The trend line moves above and below the ‘mean’ which is displayed as a white dotted line on the indicator. As the trend develops, so the yellow trend line moves above and below the mean level, and as it reaches the extremes, then this is another potential signal, that the trend is becoming exhausted. The trend line indicator can be applied directly on the Quantum Trend Monitor itself, as shown above to keep your charts clean and clear, or separately in another window.
As with all the Quantum trading indicators, the Quantum Trend Monitor is best used in multiple timeframes which will then give you visual signals to changes in trend, both upstream and downstream of your principle trading chart.
- The Quantum Trend Monitor indicator works in all timeframes
- The indicator can be ‘fine tuned’ to your own preferences in terms of the speed with which the indicator will react to possible changes in trend
- For clarity, we find it is best applied to the bottom of the chart
Applying the Indicator
Open your MT5 platform and in the main menu, select View > Navigator to open the Navigator window which appears at the left hand side of your workspace.
In the Navigator window, expand the Indicators tree by clicking the “+” symbol. Find the Quantum tree and expand it by clicking the “+” once again to reveal the full list of Quantum Trading indicators.
To start using the indicator, you can click and drag QuantumTrendMonitor from the Navigator to a chart or you can also double-click QuantumTrendMonitor (which will then be applied to the currently selected chart). Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Trend Monitor. These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections. Once you are done customizing the indicator’s options, click OK to run the indicator.
Common tab
Here you will find basic information about the indicator such as its name, description, and version number.
Inputs tab
You can configure the indicator by changing its variables listed in this tab. We explain these in more detail shortly and for each configurable input of the Quantum Trend Monitor below.
Colors tab
All the plots of the Quantum Trend Monitor can be configured in this tab. It contains 5 color plots and 1 line plot all of which can be customised. However we recommend that you leave the color settings to their default value.
The first five plots (TrendBar1, TrendBar2,… 5) comprise the colored bar displayed by the indicator with each acting as layers to add thickness to its appearance. The bar changes color depending on the trend:
- Bright blue – when the trend is bullish and strong
- Dark blue – when the trend is bullish but weak
- Bright red – when the trend is bearish and strong
- Dark red – when the trend is bearish but weak
If you do decide to change these, please remember to set only one color scheme for the 5 plots and take note of the signals that correspond to the original colors. However to avoid confusion we do suggest you leave this part of the indicator to the default setting.
The last plot is TrendLine. This is shown only when Quantum Trend Monitor is in Trend Line Mode. You can change its color, width and style in this section. Simply double click the field and a drop down menu will appear. Click the drop down menu and choose the option you wish to change.
Levels tab
This indicator does not use any Levels so this tab is empty.
Scale tab
This tab contains options to change the scale of how the indicator is displayed in the chart. We do not recommend changing any of the values here and suggest you leave this as shown below.
Visualization tab
The indicator’s visibility can be toggled on or off in different contexts with the options in this tab.
Dependencies tab
Please make sure that the “Allow DLL imports…” option is checked/ticked before running the indicator. This is required by all Quantum indicators to properly communicate with its accompanying DLL file. Alternatively, you can set this option globally by selecting in the main menu, Tools > Options > Expert Advisors tab and checking/ticking the “Allow DLL imports” option.
Configuring the Indicator
Let’s return to the Inputs tab and explain how to customize the settings of your Quantum Trend Monitor indicator.
Account Email
When running the Quantum Trend Monitor for the first time in your trading account, you need to enter the email you used to register in the Quantum Trading Indicators Enablement System – http://enable.quantumtrading.com/ as part of its verification process. You only need to do this once as the email is stored in the terminal’s global variable cache after it is entered initially. Please make sure that you enter your email correctly and exactly without any extra spaces before and after it. If you made an error, simply fill this field again to update it.
Sensitivity to Congestion
This parameter has been provided to allow you to fine tune the indicator to your own trading style and attitude to risk. Increasing its value makes the indicator more sensitive to detecting congestion phases of price action. In the indicator, this means you will see more of the dark blue and dark red areas which are early signs of potential weakness in the respective trends.
This is a purely personal choice, and a user input we have included to allow you to have control over the indicator, and whether you want to be alerted earlier to potential weakness or pauses in the trend, or are happy to wait before such changes are signaled slightly later, and over shorter periods on the indicator.
Trend Line Mode
The Quantum Trend Monitor indicator can be used in either one of its 2 modes, or both at the same time.
When the Trend Line Mode is set to false, the indicator displays its usual red/blue color band to indicate different areas of bullish and bearish trend. But when it is set to false, the indicator changes to an oscillating line chart between 0 and 100. The line’s slopes coincide with the signals in its color band mode, and running both indicators together makes a great combination in determining the different trends on the chart. We explain how to do this below.
How to Run Two Modes in One Window
The process of running two modes of the Trend Monitor in one window and at the same time is very easy.
- Drag and drop the indicator from the Navigator window, and leave with the default value of the Trend Line Mode (false). This will display the solid bar on your chart.
- Drag and drop a second instance of the Trend Monitor indicator from the Navigator window, ON TOP of the first one, but this time change the value of the Trend Line Mode to true. When done, simply click OK to confirm and the yellow trend line indicator will then appear overlaying the TrendMonitor solid bar.
- If you prefer to have your Trend Monitor in Trend Line Mode separately displayed, simply drag and drop it anywhere else on the chart.
Removing the Indicator from the Chart
Open the chart’s Indicator List window by pressing Ctrl+I. You can also right-click the chart and select Indicator List from the context menu.
Select QuantumTrendMonitor and click the Delete button then click the Close button.
