General – getting started
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
Installation
Open your MT4 platform and in the top level navigation:
- Left click >View
This will open the following window:
- Left click > Navigator
This will open the following window:
- Left click > + icon alongside Custom Indicators
This will open the following window:
- Left click and HOLD – drag the QuantumTrendMonitor indicator to a chart, and RELEASE
This will then display the following window. This is where you can configure all the various user settings for your trend monitor indicator. To move from one tab to another simply left click on the grey tab to select the appropriate window.
Common Tab
The Common tab displays two boxes. Both of these should be checked as shown. This ensures that you have enabled the DLL imports as explained in the installation instructions.
Inputs Tab
The default settings are as shown above.
Mode
The mode value has two possible values as follows:
- mode 0 – this is the default value. The Quantum Trend Monitor indicator will display as a solid bar of color, and transition from bright red, to dark red, to dark blue and finally to bright blue
- mode 1 – this is the value which will change the Quantum Trend Monitor indicator to the yellow trend line indicator, which can then be applied directly to the indicator already on the chart as mode 0, or separately in another window.
The process of applying the different versions of the indicator is identical and as follows:
- Drag and drop the indicator from the Navigator window, and leave with the default setting of mode 0. This will display the solid bar on your chart.
- Drag and drop a second copy of the indicator from the Navigator window, ON TOP of the first one, but this time change the mode value to 1 ( this is explained below). When done, simply OK to confirm and the yellow trend line indicator will then appear overlaying the TrendMonitor solid bar.
- If you prefer to have your trend line indicator separately displayed, simply drag and drop anywhere else on the chart.
To change the setting:
- Double left click in the Value field, and the field will turn white with your cursor flashing. Enter the number 1
- Click return to save any changes
Neutral Constant
This parameter has been provided to allow you to fine tune the indicator to your own trading style and attitude to risk. The value is a constant expressed in percentage, which is then applied in calculating the sensitivity of the weak trend colours – the dark blue and the dark red. Increasing this value above the default of 20 will increase the areas of dark colors, in other words, highlighting possible congestion phases earlier and for longer periods. Reducing the value below 20, will decrease the areas of dark colors in the congestion phases of price action. In other words, increasing the value above 20, the indicator will become more sensitive to congestion phases, decreasing below 20, the indicator will become less sensitive.
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 signalled slightly later and over shorter periods on the indicator.
Please note – this parameter has no effect when the TrendMonitor is applied in mode 1.
- Double left click in the Value field, and the field will turn white with your cursor flashing. Enter a number such as 10, to reduce the sensitivity or 30 to increase the sensitivity
- Click return to save any changes
Colors Tab
These are the default colors for the indicator. We suggest that the Width field remain as shown for the TrendMonitor in Mode 0. The color settings are as follows:
- DoggerBlue – TrendMonitor is bullish
- DarkSlateBlue – TrendMonitor is in transition from bullish
- Red – TrendMonitor is bearish
- FireBrick – TrendMonitor is in transition from bearish
The colors can be changed as follows:
- Double left click in the Color field
- Left click on the drop down arrow and a color menu will appear
- Select your preferred color which will then appear as your selection
The final color is used by the TrendMonitor indicator when used in Mode 1. This has a default color of Yellow and a default Width of 2. These can be changed as follows:
- Double left click in the Color field
- Left click on the drop down arrow and a color menu will appear
- Select your preferred color which will then appear as your selection
To change the width:
- Double left click in the Width field
- Left click on the drop down arrow and a menu will appear
- Select your preferred width, which will then appear as your selection
Levels Tab
There are no user inputs for the indicator.
Visualization Tab
These are the default settings for MT4. There are no user inputs for the indicator.
When you are happy with all your changes…
- Left click the OK button at the bottom of the window, and your Quantum Trend Monitor indicator will be applied to your chart
At this point your Trend Monitor indicator will look something like this:
To increase or decrease the height of the indicator, simply hover you mouse over the two horizontal lines at the top of the indicator, and when a small icon appears, of two small parallel lines:
- Left click – HOLD – and drag to resize the indicator, then release when done
The above example is with only one copy of the indicator applied in mode 0.
Below is the indicator with a second Trend Monitor applied on the first, with the yellow trend line now applied using mode 1.
Finally, to remove either or both indicators from your chart:
- Right click on the chart and the following pop up window will appear:
- Left click on Indicators List from the above menu and the following menu will appear. In this case we have two copies of the Quantum Trend Monitor on the chart:
- Left click the indicator, and then left click the Delete button on the right
- To delete both indicators, simply repeat the above step
