Aroon Indicator in new form – indicator for MetaTrader 5
The Aroon indicator is a technical indicator used for identifying trends in an underlying security and the likelihood that the trends will reverse.
It is made up of two lines:
- one line is called “Aroon up”, which measures the strength of the uptrend,
- and the other line is called “Aroon down”, which measures the downtrend.
The indicator reports the time it is taking for the price to reach, from a starting point, the highest and lowest points over a given time period, each reported as a percentage of total time. This indicator adds the coloring in order to make it easier to spot the trend change (which can be difficult sometimes it the coloring is not there).