Technical Indicator

Mastering Historical Levels: A Game-Changer for Your Trading Strategy
MetaTrader5
Mastering Historical Levels: A Game-Changer for Your Trading Strategy

Understanding Historical Levels is crucial for any trader looking to gain an edge in the market. These levels represent price points that have been significant over the history of a trading symbol, often acting as barriers that prices struggle to break through. From a financial perspective, these levels highlight key economic conditions that influence the trading environment of a specific symbol. Research suggests that prices often respect these historical levels, only breaking through them when a substantial shift in market conditions occurs. This makes Historical Levels an invaluable tool for traders aiming to enhance their market analysis. In my journey as a trader, I’ve developed a framework for analyzing these levels through the lens of candlestick formations. How price interacts with these levels can have a profound impact on candle shapes. For instance, when a price approaches a strong historical level, we often see a PRICE JUMP due to the significant volume of trades piled up at that price point or nearby. To effectively utilize this concept, I’ve established two essential rules: Rule 1 (Bullish candle at a support level): If the close - low > Jump Factor Rule 2 (Bullish candle at a resistance level): If close - low > Jump Factor & (close - low) / (high - low) > ratio To clarify these rules, I’ve included two images below: Image 1: Jumping from Support/Resistance levels with a bullish candle on support. Image 2: Jumping from Support/Resistance levels with a bullish candle under resistance. Based on these rules— which can be tailored to your strategy—I developed an indicator that compiles data into two different matrices (sup_mat and res_mat). This indicator displays the number of Support and Resistance levels that adhere to the selected criteria while gathering data. To optimize this process, I utilized the AlgLib (dataanalysis.mqh) library to perform a clustering analysis using the K-means method. The results are presented as columns of Support and Resistance Levels data. Once the levels are established, the indicator opens a chart with the analyzed symbol and overlays all identified levels (clusters) based on the clustering process. To ensure it’s user-friendly, various parameters can be adjusted directly from the screen. Here’s a snapshot of the indicator’s interface and its results: Image 3: Indicator interface. Image 4: Automatic plotting of levels on the chart. In conclusion, this tool proves to be extremely powerful, even with just a couple of straightforward rules in place. The levels it identifies exhibit strong support and resistance characteristics. There’s also room to expand its functionality—additional rules can be added, and the code is designed to be adaptable for further improvements. Future enhancements may include refining clustering areas, exploring maximum distances before retouching levels, and much more. If you’re interested in diving deeper, feel free to reach out!

2024.02.16
Understanding the Frog Jump Indicator for MetaTrader 5
MetaTrader5
Understanding the Frog Jump Indicator for MetaTrader 5

Hey traders! Today, let's dive into an interesting tool known as the Frog Jump Indicator for MetaTrader 5. This unique indicator draws inspiration from the way frogs jump across lily pads in a pond. Just like a frog skips a pad, this indicator helps us focus on significant price movements by filtering out certain candlesticks. In our algorithm experiment, we observed that a frog doesn’t just make a simple jump from one leaf to another; it leaps over multiple pads, typically from leaf 1 to leaf 3 or even further. This concept is mirrored in the way the Frog Jump Indicator identifies 'lone' candlesticks that follow a specific pattern. So, what does this mean for us? The indicator hides candlesticks that don't fit into the frog hopping pattern. For example, if we have a bullish candle followed by a bearish candle, and that bearish candle was preceded by another bearish one, we classify the first bearish candle as 'alone' and it gets hidden from the chart. The same logic applies for bearish candles too. Take a look at the images below to see the difference: Left: Hidden Alone Candlestick, Right: Normal Chart This nifty indicator can really streamline your trading by highlighting key price action while filtering out the noise. Keep experimenting with it and see how it fits into your trading strategy!

2024.02.10
Understanding Fair Value Gaps in MetaTrader 5: A Trader's Guide
MetaTrader5
Understanding Fair Value Gaps in MetaTrader 5: A Trader's Guide

Hey fellow traders! Today, let’s dive into something that’s been buzzing in the trading community—Fair Value Gaps (FVG). If you’re looking to sharpen your trading strategies, understanding FVGs can give you a significant edge. What Are Fair Value Gaps? Fair Value Gaps play a crucial role in the ICT’s Smart Money Concept. Essentially, they highlight an imbalance in price action. Here’s how it works: Bullish Scenario: Look for a gap where the high of the first candle exceeds the low of the third candle by at least one point. Bearish Scenario: This time, the low of the first candle should be below the high of the third candle—again, by one point or more. These gaps can signal potential entry points or exit strategies for your trades, so keep an eye out! Customizing Your Fair Value Gap Indicator One of the great things about the FVG indicator in MetaTrader 5 is its flexibility. You can easily customize the colors through the indicator settings to suit your trading style. Make sure it’s visually appealing and easy for you to read on your charts! So there you have it! Fair Value Gaps can be a powerful tool in your trading arsenal. As always, remember to pair this with your other strategies and risk management techniques. Happy trading!

2024.02.07
Mastering ATR Weighted Moving Averages: A Must-Have Indicator for MetaTrader 5
MetaTrader5
Mastering ATR Weighted Moving Averages: A Must-Have Indicator for MetaTrader 5

If you’re looking to level up your trading game, the ATR Weighted Moving Averages indicator is a powerful tool you shouldn’t overlook. This handy indicator calculates four different types of ATR weighted moving averages that can help you analyze price movements more effectively. The calculations for this indicator are built on the pine script library known as "TAExt by TheBacktestGuy," which ensures you’re getting reliable and accurate data. The four types of ATR weighted moving averages included in this indicator are: ATRWSMA - ATR Weighted Simple Moving Average ATRWEMA - ATR Weighted Exponential Moving Average ATRWRMA - ATR Weighted Running Moving Average ATRWWMA - ATR Weighted Welles Wilder Moving Average Using these ATR weighted moving averages can give you a clearer picture of market trends, helping you make more informed trading decisions. Whether you’re a seasoned trader or just getting started, integrating these averages into your strategy can enhance your overall performance.

2024.02.04
Maximize Your Trading Insights with the Gain/Loss Candle Indicator for MT5
MetaTrader5
Maximize Your Trading Insights with the Gain/Loss Candle Indicator for MT5

The Gain/Loss Candle Indicator is a powerful tool designed for traders using MetaTrader 5. It highlights the gains and losses for each candle, specifically when a predetermined threshold is exceeded. These values are expressed in both points and percentages. This handy indicator operates in two distinct modes: it can calculate the gain or loss based on the simple difference between candlestick Close and Open prices, or it can measure the difference between the current Close and the previous Close. With customizable features, you can easily set minimum change limits in terms of pips and percentages, switch between modes, and even adjust the font color for the displayed results. The Gain/Loss Candle Indicator is an essential addition to your MT5 toolkit. Here’s a look at the XAAUSD Weekly chart:

2024.02.03
Enhance Your Trading with the Candle Fitness Indicator for MetaTrader 5
MetaTrader5
Enhance Your Trading with the Candle Fitness Indicator for MetaTrader 5

If you’re looking to level up your trading game, you might want to check out the Candle Fitness Indicator for MetaTrader 5. This nifty tool is a game changer, especially for those of us who love to dive deep into the numbers. The Candle Fitness concept is designed to streamline your trading by focusing on the most relevant candlesticks. It does this by hiding the candles that don't meet specific criteria. For example, if the body of a candle (the difference between the open and close) is less than 75% of the upper or lower wick range, it will be hidden from view. This helps to clean up your charts and make the data easier to interpret. The default setting for this body-to-wick percentage is 75%, but the beauty of this indicator is that it’s fully customizable. You can adjust it to suit your trading style and preferences. By filtering out these unfit candles, you can focus on more meaningful price movements, which can be a huge benefit when it comes to grouping and analyzing data.

2024.02.01
Understanding 14 Types of Moving Averages for MetaTrader 5
MetaTrader5
Understanding 14 Types of Moving Averages for MetaTrader 5

If you're looking to enhance your trading strategy, check out the MT4 version here. This indicator is a powerful tool that calculates 14 different types of moving averages based on the closing price. Whether you're a rookie or a seasoned trader, understanding these moving averages can give you a solid edge in the market. Here's a quick rundown of the moving averages included: SMA - Simple Moving Average EMA - Exponential Moving Average WMA - Weighted Moving Average VWMA - Volume Weighted Moving Average RMA - Running Moving Average DEMA - Double Exponential Moving Average TEMA - Triple Exponential Moving Average ZLEMA - Zero Lag Exponential Moving Average HMA - Hull Moving Average ALMA - Arnaud Legoux Moving Average LSMA - Least Squares Moving Average SWMA - Smoothed Weighted Moving Average SMMA - Smoothed Moving Average DONCHIAN - Donchian Channel

2024.01.31
Mastering Volatility with the wd.Range_BB Indicator for MetaTrader 5
MetaTrader5
Mastering Volatility with the wd.Range_BB Indicator for MetaTrader 5

If you're navigating the choppy waters of trading, the wd.Range_BB indicator is a handy tool to have in your kit. This custom indicator for MetaTrader 5 is designed to showcase Bollinger Bands with personalized colors and line styles right on your chart, while also calculating the range bandwidth. For those new to the term, the range bandwidth represents the difference in pips between the upper and lower Bollinger Bands. How the wd.Range_BB Indicator Works Here's the lowdown: Bollinger Bands Settings: With this indicator, you can tweak various parameters to customize the appearance and behavior of your Bollinger Bands. Feel free to adjust the period, shift, deviation, and applied price, as well as the visual elements like color and line style to suit your trading style. Sub-Window Placement for Range/Bandwidth Info: There's a specific input parameter that lets you choose where to place the labels for the bandwidth information. You can opt to display the distance between UpperBB and LowerBB either in the main chart or a designated sub-window. You can also adjust the label positions (X and Y coordinates) as needed. To show labels on the main chart, just enter '0' in the 'Sub-Window placement' settings. If you want them in a Sub-Window below, simply use '1, 2, or 3' and so on. Just a heads-up: you'll need to attach the indicator wd.Multi_SubWindow for this to work. {wd.Multi_SubWindow.mq5 attached} In a nutshell, the wd.Range_BB indicator not only displays the range bandwidth in a label but also plots the Bollinger Bands on the main chart. This nifty tool helps you visualize market flexibility and volatility based on the width of those bands, giving you an edge in your trading strategy.

2024.01.27
Enhance Your Trading with the wd.Multi_ClockPrice Lite Indicator for MT5
MetaTrader5
Enhance Your Trading with the wd.Multi_ClockPrice Lite Indicator for MT5

The wd.Multi_ClockPrice lite is a handy custom indicator designed specifically for the MetaTrader 5 (MT5) platform. As the lite version of its predecessor, it offers a simplified yet effective way to display crucial trading information right on your charts. This indicator provides a clear visual representation of the MT5 terminal server time and current bid price. With its user-friendly features, you can easily keep track of both time and price without any hassle. Utilizing the OnTimer() event function, the indicator updates the server time every second. It perfectly syncs with your PC clock, ensuring that even if your MT5 terminal goes offline, the server time continues to run smoothly without relying on tick prices. How the Indicator Works Placing Labels: You can place the 'server clock & bid price' labels in designated sub-windows. Just specify the sub-window number in the input parameter to position them where you want. To place the labels in the main chart, simply enter '0' in the 'Sub-Window placement' properties. For sub-windows below the main chart, input '1', '2', '3', etc. You’ll also need to attach the “wd.Multi_SubWindow” indicator. Server Time Display The OnTimer() function not only updates the server time but also allows you to increment or decrement the seconds as needed. If there’s a discrepancy between the MT5 terminal time and the server time, you can easily adjust the seconds to sync them. For example, if your MT5 server shows 05:28:06 and the “wd.Multi_ClockPrice lite!” displays 05:28:03, you’ll need to adjust by 3 seconds. To do this, simply enter '3' in the 'Seconds incremented' properties of the indicator. Price Display The indicator provides real-time updates of the current bid price, ensuring that you’re always in the know about market conditions. In summary, the wd.Multi_ClockPrice lite! indicator is a fantastic tool for traders who need reliable clock and price information. It updates the server clock every second and provides real-time bid prices, making it a valuable addition to any trader's toolkit. One of the standout features is its ability to be used effectively even when all MT5 control panels are hidden, allowing for a clean and focused trading environment. This is particularly useful for traders whose brokers may not frequently update server or terminal time. Note: Utilizing the OnTimer() function alongside multiple EAs and indicators can affect overall performance. Be cautious if you're running several EAs that also use the same timer ID function.

2024.01.08
Mastering Volume Profile for MetaTrader 5: Your Go-To Guide
MetaTrader5
Mastering Volume Profile for MetaTrader 5: Your Go-To Guide

What is Volume Profile? The Volume Profile tool, often referred to as horizontal volume, is a powerful indicator that displays trading volume at various price levels over a chosen time frame. It does this using a horizontal histogram, where longer bars signify higher trading activity at that price, while shorter bars indicate less activity. The beauty of this indicator lies in its straightforward calculations, allowing for quick and efficient execution. How to Use Volume Profile To set up the Volume Profile for a specific time period, simply place two vertical lines after running the indicator at the start and end of your desired interval. Adjusting these lines will dynamically update the Volume Profile based on your selected timeframe. Sample Screenshot Input Settings Calculation Timeframe: This setting assumes that volume is evenly distributed throughout the candle's range (from low to high). While this can lead to less precise results, especially with short timeframes, tweaking this option to lower timeframes (like 1 minute) can yield results that are almost as accurate as using tick data. Number of VP Bars: Adjusting the number of histogram bars will affect the representation of the price range where most transactions occurred. Fewer bars will give you a broader view, while more will pinpoint exact price levels with higher transaction volume. Changing this input may shift the Point of Control (POC), but this isn't a mistake—just a different perspective. Applied Volume: By default, the indicator uses real volume. However, if you select 'tick_volume' in the settings or if real volume data isn't available, the indicator will use tick volume instead. Maximum VP Bar Length to Chart Width Ratio: You can adjust how long the VP bars appear in relation to the width of your chart, giving you flexibility in your visual presentation. Figure 1: Calculation Based on Current Timeframe Figure 2: Calculation Based on 1-Minute Timeframe Caution When using lower timeframes for calculations, ensure that your price data for that timeframe has been downloaded. This may take a few moments, so be patient and adjust the vertical lines until the data is fully loaded! I hope this guide enhances your trading experience! Feel free to drop a comment if you spot any mistakes or have questions about the code!

2023.12.31
Understanding Candle ZigZag: A Game-Changer for MetaTrader 5
MetaTrader5
Understanding Candle ZigZag: A Game-Changer for MetaTrader 5

If you’re looking to sharpen your trading game, let’s talk about the Candle ZigZag indicator in MetaTrader 5. This nifty tool shifts its legs based on candlestick color changes, making it a unique asset for your trading toolkit. One of the standout features of Candle ZigZag is that it supports a Period of 1. This is something that the default ZigZag indicator in the Example folder simply can’t do. So, if you’re into scalping or short-term trading, this might just be what you need. What’s great about this indicator is its ability to help traders analyze charts in a flat mode. Unlike a traditional line chart that curves with price movements, the Candle ZigZag presents a clearer picture of price action, helping you make more informed decisions. You can also toggle the close mode on or off, adding an extra layer of customization to your trading setup. For a clearer comparison, take a look at the difference between a line chart and the Candle ZigZag when close mode is set to true:

2023.12.25
Understanding the Price Density Indicator: Your Guide to Market Noise in MetaTrader 5
MetaTrader5
Understanding the Price Density Indicator: Your Guide to Market Noise in MetaTrader 5

If you're looking to fine-tune your trading strategy, the Price Density indicator is a must-have tool in your arsenal. This nifty indicator helps you accurately measure market noise, making it easier to identify when volatility is on the rise or when things are settling down.By visually representing this data on your chart, the Price Density indicator allows for quick interpretation and swift decision-making. You'll be able to spot trends and make informed trades without getting lost in the noise.Why Use the Price Density Indicator?Identifies periods of high and low volatilityEnhances your ability to make timely trading decisionsGraphical representation for easy analysis

2023.12.18
Mastering Candle Grids: A Handy Indicator for MetaTrader 5
MetaTrader5
Mastering Candle Grids: A Handy Indicator for MetaTrader 5

Hey traders! Today, let’s dive into an essential tool that can enhance your trading game: the Candle Grids indicator for MetaTrader 5. This nifty feature allows you to draw a rectangle on your chart to create custom grids based on your specified point values. It’s all about making your chart more functional and tailored to your trading style! One of the cool options you can take advantage of is the ability to use the rectangle range to draw your grid. You can easily toggle this feature on or off. Just set the mode to true if you want to utilize the rectangle range, or false to stick with your custom points. Happy trading, and may your charts be ever in your favor!

2023.12.11
Understanding Heikin Ashi Lines: A Clearer View for MetaTrader 5 Traders
MetaTrader5
Understanding Heikin Ashi Lines: A Clearer View for MetaTrader 5 Traders

As traders, we’ve all dabbled with Heikin Ashi charts at some point. They definitely make things cleaner, reducing noise and highlighting trends much better than traditional candlestick charts. However, there’s a catch: they can obscure the actual bar or candle values, especially the closing prices. The Heikin Ashi close price is essentially an average, referred to as the 'total price,' while the open price is derived from a moving average of those close prices. So, why not take a different approach and display this information as two separate lines? That’s exactly what this indicator does! With it, you can still view the true bar or candle values clearly. The dotted line represents the open price, while the solid line shows the close price. Just a heads up: by default, the line color is set to Gray, which can feel a bit drab. Feel free to customize the color to suit your style – Yellow pops nicely against a dark background, and Blue looks sharp on a white one. This code employs conditional compilation, so it’ll work seamlessly on both MQL4 and MQL5. Plus, all my CodeBase publications are now accessible under the 'Public Projects' tab in MetaEditor, listed as 'FMIC.'

2023.12.11
Maximize Your Trading Success with the MT5 Strategy Checklist
MetaTrader5
Maximize Your Trading Success with the MT5 Strategy Checklist

Hey fellow traders! Today, I’m excited to share a handy tool that I’ve personally developed for my trading routine: the MT5 Strategy Checklist. This indicator is designed to help you keep your trading game on point by allowing you to create a personalized checklist before diving into a trade. Just a heads up, this isn’t an automated system. You’ll need to manually set up your checks according to your strategy. Think of it as your trusty sidekick, ensuring you’re following your trading rules! Settings TAG - This feature lets you run multiple instances of the indicator on a single chart. Just remember, each instance needs a unique TAG value. Window Position - Here, you can set where you want the checklist window to pop up by default. Check01...Check20 - Use these options to define the specific rules that make up your checklist. So, whether you’re a seasoned pro or just starting out, this checklist can really enhance your trading strategy. Give it a go and see how it works for you!

2023.12.10
Mastering Engulfing Bar Signals with RSI in MetaTrader 5
MetaTrader5
Mastering Engulfing Bar Signals with RSI in MetaTrader 5

Are you looking to enhance your trading strategy? One effective method is using the engulfing bar pattern in conjunction with the Relative Strength Index (RSI). This combination can provide powerful signals for your trades! With this setup, you'll receive alerts when an engulfing bar appears above or below specific RSI levels. This can help you identify potential reversals or continuation patterns in the market. To get started, you’ll want to set up your MetaTrader 5 platform and configure the alerts. Follow these steps to make sure you’re ready to trade: Step 1: Open MetaTrader 5 and navigate to your indicators. Step 2: Add the RSI indicator to your chart and adjust the levels according to your trading plan. Step 3: Look for engulfing bars that align with your RSI levels for optimal entry points. Step 4: Set alerts to notify you when these conditions are met, so you never miss a trading opportunity! By combining engulfing bars with RSI, you can sharpen your trading edge. Happy trading!

2023.12.08
Unlocking Insights with the wd.Multi_LineMA Indicator for MetaTrader 5
MetaTrader5
Unlocking Insights with the wd.Multi_LineMA Indicator for MetaTrader 5

If you're looking to enhance your trading strategy, the wd.Multi_LineMA.mq5 custom indicator for MetaTrader 5 is a game-changer. This tool provides traders with valuable insights into Moving Average (MA) values from higher timeframes, enabling a more comprehensive analysis of market trends. With added visual features, including trails and a dynamic horizontal price line, this indicator is designed for traders who want to stay ahead of the curve. How the wd.Multi_LineMA Works MTF Multi-Timeframe Moving Average:The indicator calculates a Moving Average based on user-defined parameters like period, method, and applied price. If you’re on a lower timeframe, it pulls MA values from a higher timeframe and displays them on your current chart. Conversely, if you’re on a higher timeframe, it won’t show lower timeframe values, ensuring your chart remains uncluttered. Moving Average Trail:This feature allows you to set a trail length for a specific number of bars, giving you a clear view of historical price movements without overwhelming your chart. Horizontal Price Line:The dynamic horizontal price line moves according to the latest Moving Average value, providing real-time updates as the market shifts. For instance, if you’re trading Gold on the H4 timeframe, you might see a Moving Average value of 2013.991 on both the built-in 'Custom Moving Average' and 'wd.Multi_LineMA', regardless of the current chart period. The Moving Average Trail is perfect for tracking historical movements while keeping your workspace tidy, and the Horizontal Price Line helps you visualize key support and resistance levels. It provides an essential reference point for where the current Moving Average sits in relation to the price chart. In summary, the wd.Multi_LineMA indicator streamlines the setup of necessary parameters, keeps the Multi-Timeframe Moving Average updated, and effectively manages the display of MA trails. Its standout feature? The ability to quickly identify support and resistance lines based on MA values, giving you the edge you need in seconds.

2023.12.05
Understanding Candlestick Patterns: Body, High, Low, and Wick Ranges in MetaTrader 5
MetaTrader5
Understanding Candlestick Patterns: Body, High, Low, and Wick Ranges in MetaTrader 5

Welcome back, fellow traders! Today, we're diving into the nitty-gritty of candlestick patterns, specifically focusing on how to analyze their body range, high-low range, and wick ranges in MetaTrader 5. To get started, simply click on any candlestick in your chart. This action will reveal valuable metrics, including: Bullish Candlestick Body Range: Calculated as Close - Open Bearish Candlestick Body Range: Calculated as Open - Close High-Low Range: This represents the overall range and is calculated as High - Low Upper Wick Range: The distance from the high to the body of the candlestick. Lower Wick Range: The distance from the low to the body of the candlestick. Need to make some edits? Just hit the D key to delete any text you’ve entered. Understanding these components will greatly enhance your trading strategy. Happy trading!

2023.12.04
Candle Countdown Indicator for MetaTrader 5: Your Secret Trading Tool
MetaTrader5
Candle Countdown Indicator for MetaTrader 5: Your Secret Trading Tool

If you're looking for a handy tool to help you keep track of your trades, the Candle Countdown Indicator for MetaTrader 5 is just what you need. This simple yet effective indicator gives you an estimate of when the current candle will close, allowing you to make more informed trading decisions. Keep in mind that this tool works best on timeframes equal to or less than the Daily Period, so make sure to adjust your settings accordingly. Happy trading!

2023.12.03
Getting Started with Envelopes: A Beginner's Guide to Trading Indicators
MetaTrader5
Getting Started with Envelopes: A Beginner's Guide to Trading Indicators

Welcome to the world of trading! If you're looking to add some powerful tools to your trading arsenal, you've come to the right place. Today, we're diving into the Envelopes indicator, a popular choice among traders for its simplicity and effectiveness. Before we jump in, let's clarify that this guide is designed for beginners. No need to worry if you’re new to trading—I've got your back! What Are Envelopes? Envelopes are a type of technical indicator that helps traders identify price trends and potential reversal points. Essentially, it consists of two lines that sit above and below a moving average, creating a channel within which price movements occur. How to Set Up Envelopes in MetaTrader 5 Setting up Envelopes in your trading platform is a breeze. Follow these simple steps: Open MetaTrader 5 and select your desired chart. Go to the top menu, click on Insert, then Indicators. Choose Trend and select Envelopes. Configuring Your Envelopes Once you’ve inserted the Envelopes indicator, you can customize it to fit your trading style. Here’s how: Adjust the Period to determine the moving average length. Set the Deviation to control how far the envelope lines are from the moving average. Choosing Your Colors Visual appeal matters in trading! Customize the colors of your envelope lines for better visibility. You can change them in the settings menu as follows: Click on the Colors tab in the Envelopes settings. Select your preferred colors for the upper and lower lines. Wrapping It Up And there you have it! You’re now ready to incorporate Envelopes into your trading strategy. Remember, like any tool, it’s essential to use it in conjunction with other indicators and analysis methods for the best results. Happy trading!

2023.11.29
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