Technical Indicator - MetaTrader5 (Page 339)

Mastering RSI Peaks and Bottoms: Your Guide to Trading with MetaTrader 4

Author: HajarWae If you're diving into the world of trading on MetaTrader 4, understanding RSI (Relative Strength Index) peaks and bottoms is crucial. These indicators can signal potential buy or sell opportunities when the RSI crosses key levels. When the RSI hits a peak (marked by a red arrow) or a bottom (indicated by a yellow arrow), it provides early signals for potential market moves. However, it's essential to use additional filters to confirm these signals, so consider combining this method with other indicators to enhance your trading strategy. I'm working on a project to plot RSI levels based on these peak and bottom positions. I'm running into a bit of a snag with the code needed to modify this indicator, and I could really use some help to perfect it. The goal is to plot all the peaks and bottoms, allowing us to identify levels at these critical points. When the RSI crosses a peak or bottom line, the level will be marked and terminated one candle after the crossover. The calculations and plotting of other levels will continue until the RSI crosses the levels again. Can anyone lend a hand? Your insights would be greatly appreciated! Recommendations: Use these RSI levels as trading signals. Combine with other indicators as filters for better accuracy.

2010.07.12

MetaTrader4

Mastering the USD Strength Effect Indicator for MetaTrader 4

Have you ever wondered how the USD stacks up against other currencies? The USD Strength Effect Indicator for MetaTrader 4 is your go-to tool for gaining insights into the strength of the USD across multiple pairs. It’s highly configurable, allowing you to tailor it to your trading needs. This indicator evaluates seven currency pairs based on a single base currency, giving you a clear picture of how the currency you're trading is performing. It assigns a value to each pair depending on the movement of two moving averages. If both moving averages are heading in the same direction, the value increases; if they’re moving in opposite directions, you’ll see a reduced value. The indicator operates on a scale from 10 (overbought) to -10 (oversold). It’s important to understand the difference between major pairs, like USD/CHF, and minor pairs, such as AUD/USD. You can select three major pairs and four minor pairs, all based on the same currency. The default settings are generally spot-on, so you may not need to tweak them much. For instance, if you prefer to use AUD as your base currency, you can choose three major AUD pairs and four minor AUD pairs. This will help you gauge the overall performance of the AUD, which is especially useful if you're focusing on markets like Tokyo. The USD Strength Indicator works wonders as a confirming signal alongside other indicators, like the Williams Percent Range, and often proves to be quite predictive. If you're looking to add an extra layer of confirmation within an Expert Advisor, you can use the following line of code: double val=iCustom(NULL, 0, "Brooky_USD_Strength", ".", ".", "USDCHF", "USDJPY", "USDCAD", ".", "AUDUSD", "EURUSD", "GBPUSD", "NZDUSD", ".", 55, 34, ".", 15, ".", 0, 1, 0); Feel free to adjust the 55 and 34 at the end to reflect the slow and fast Moving Averages you prefer for your strength calculations. Remember, if val >= 8, it indicates that the currency is overbought, while val

2010.07.12

MetaTrader5

Mastering Price Predictions with the Nearest Neighbor Indicator for MetaTrader 5

If you're looking to up your trading game, understanding the k-Nearest Neighbor (k-NN) algorithm can be a game changer. This clever technique digs into past trading patterns, pinpointing the k most similar ones to the current market situation. From there, it forecasts future prices based on weighted voting from those neighbors. But here’s the twist: our indicator focuses on just one nearest neighbor, making it a straightforward 1-NN algorithm. This tool uses the Pearson correlation coefficient to measure the distance between the current pattern and historical ones, giving you a clear insight into future price movements. Here’s a quick rundown of the indicator’s input parameters: Npast - This is the number of past bars included in the pattern; Nfut - This refers to the number of future bars in the pattern (and it needs to be less than Npast). When you run this indicator, you’ll see two distinct curves: the blue curve reflects past prices of the nearest neighbor, while the red curve shows future prices based on the same pattern. The nearest neighbor is adjusted according to the linear regression slope between it and the current pattern, giving you a more accurate forecast. Additionally, the indicator provides valuable information about the starting date of the nearest neighbor along with its correlation coefficient to the current pattern. For example: Nearest_Neighbor (EURUSD, H1): Nearest neighbor is dated 2003.08.26 23:00:00 and has a correlation with the current pattern of 0.9432. Image:

2010.07.09

MetaTrader4

Understanding the Market Heartbeat Indicator for MetaTrader 4

If you're diving into the world of trading with MetaTrader 4, you might want to check out the Market Heartbeat indicator. It’s a nifty tool that can give you insights into market dynamics within the hour. What Does the Market Heartbeat Indicator Show? Let’s break it down: M35: This represents the current minute of the hour. T = 16: This indicates the number of ticks recorded in this minute. Pl = 9: This is the total number of points that have moved upwards. Mi = 7: This reflects the total number of points that have moved downwards. You’ll notice the symbol <--- which highlights the current minute. Lines preceding this symbol will give you data from earlier in the hour. After the current minute, you’ll see an empty value, followed by data from the previous hour's activity. Understanding these components can really sharpen your trading strategy. The Market Heartbeat indicator helps you gauge market sentiment at a glance, allowing you to make more informed decisions.

2010.07.08

MetaTrader5

Mastering Trend Analysis: iS7N_TREND_1 Indicator for MetaTrader 5

Looking to sharpen your trading edge? The iS7N_TREND_1 indicator is a reliable tool that utilizes simple smoothing algorithms to help you identify market trends effectively. This innovative indicator is based on the popular trend.mq4 but comes with key modifications for enhanced performance. One of the outstanding features of the iS7N_TREND_1 is its simplicity—it has just one parameter to tweak. For optimal results, especially when trading EURUSD, set the period to 24. This straightforward setting can help you capture the market's momentum and make informed trading decisions. Whether you're a seasoned pro or just getting your feet wet, the iS7N_TREND_1 is a fantastic asset to have in your trading toolkit. Dive in and see how it can transform your trading strategy!

2010.07.06

MetaTrader4

Understanding the Average Change Indicator for MetaTrader 4

Description: The Average Change (AC) Indicator is designed to show how recent price movements impact the market. It’s a handy tool for traders who want to keep a finger on the pulse of price fluctuations. This particular version of the AC Indicator hones in on the Low and High points, giving you a clearer picture of market trends. Happy trading! Image:

2010.07.06

MetaTrader4

Understanding the sH Bulls n Bears Indicator for MetaTrader 4

If you're serious about your trading game, you need to keep an eye on the market sentiment. That’s where the sH Bulls n Bears indicator comes into play. This handy tool gives you a clear picture of the strength of both the bulls and bears in the market, without getting bogged down by volume. Take a Look: By using this indicator, you can easily gauge the overall market sentiment. It’s designed to help you make informed trading decisions based on the current state of the market. Whether you're a seasoned trader or just starting out, this tool can be a game changer. So, next time you're analyzing your charts, don’t forget to utilize the sH Bulls n Bears indicator to enhance your trading strategy!

2010.07.06

MetaTrader4

Understanding the Close-Low Indicator for MetaTrader 4

Description: Ever wondered how the difference between the Low and Close prices can impact your trading decisions? That’s precisely what the Close-Low indicator aims to highlight! This tool can provide valuable insights into market trends, helping you make more informed trades. Image:

2010.07.06

MetaTrader4

Understanding the Four Legs Indicator for MetaTrader 4

Hey there, fellow traders! Description: If you’re looking to enhance your trading game, the Four Legs indicator for MetaTrader 4 is a must-try. This nifty tool visualizes the interaction between the Highs, Lows, Opens, and Closes on your charts, giving you a clearer picture of market dynamics. Image: This visual representation can help you spot potential trends and reversals, making it easier to make informed trading decisions. So, why not give it a shot and see how it fits into your trading strategy?

2010.07.06

MetaTrader4

Mastering Market Trends: The Bulls n Bears Indicator for MetaTrader 4

Description: Hey traders! If you're looking to get a grip on market dynamics, the Bulls n Bears indicator for MetaTrader 4 is worth checking out. This handy tool aims to identify which side—bulls or bears—holds the upper hand in the market at any given time. Understanding market sentiment is crucial for making informed trading decisions, and this indicator can help you do just that. With its user-friendly interface, you can easily spot trends and adjust your strategies accordingly. Image:

2010.07.06

MetaTrader4

Understanding the Simple Volume Indicator for MetaTrader 4

Hey there, fellow traders! Description: If you’re looking to enhance your trading strategy, the Simple Volume Indicator is a must-have tool for MetaTrader 4. This handy indicator provides insights into the relationship between price movements and trading volume, helping you make smarter trading decisions. Essentially, it displays how much volume is being traded during a specific period in relation to the opening price. Understanding this interaction can give you an edge in spotting potential trends and reversals. Image:

2010.07.06

MetaTrader5

Mastering Fourier Extrapolation in MetaTrader 5: Your Guide to Price Prediction

If you're diving into the world of trading, you might have heard of Fourier extrapolation as a powerful tool for price prediction. But what does it really mean? Let's break it down in simple terms. Understanding the Multi-Harmonic Model At its core, this method uses a multi-harmonic trigonometric model to analyze a price series, represented as x[i] for i from 1 to n. The formula looks like this: x[i] = m + Sum( a[h]*Cos(w[h]*i) + b[h]*Sin(w[h]*i), h=1..H ) Here's what each term in the equation represents: x[i] - This is the past price at the i-th bar, with a total of n past prices. m - This is the bias or baseline price. a[h] and b[h] - These are the scaling coefficients for the harmonics. w[h] - This indicates the frequency of a harmonic. h - This is the harmonic number. H - This denotes the total number of fitted harmonics. Fitting the Model To fit this model, you need to find values for m, a[h], b[h], and w[h] that closely match the actual market prices. The trickiest part is identifying the harmonic frequencies w[h]. For a Fourier series, these frequencies are typically set at 2πh/n. However, it's essential to note that Fourier extrapolation essentially repeats the n past prices into the future. This particular indicator leverages the Quinn-Fernandes algorithm to accurately determine harmonic frequencies. It fits each harmonic of the trigonometric series one at a time until it reaches the desired number of harmonics, H. After fitting a new harmonic, the algorithm calculates the residue between the updated model and the actual values, then fits another harmonic to this residue. Indicator Inputs Here are the key input parameters for the indicator: Npast - This is the number of past bars used for fitting the trigonometric series. Nfut - This indicates the number of future bars to be predicted. Nharm - This is the total number of harmonics included in the model. FreqTOL - This is the tolerance level for frequency calculations. How It Works Once set up, the indicator plots two distinct curves on your chart: a blue curve that shows the modeled past values and a red curve that represents the projected future values. This visual representation can help you make more informed trading decisions.

2010.07.05

MetaTrader5

Understanding AR Extrapolation in MetaTrader 5: A Trader's Guide

If you're looking to enhance your trading strategy, you might want to dive into autoregressive (AR) models. These models, also known as linear prediction models, can be a game-changer when it comes to forecasting price movements. x[n] = -Sum(a[i]*x[n - i], i = 1..p) Here's a breakdown of the components: x[n] is the predicted value of your time series; x[n-p] to x[n-1] are the known past values of the series; a[1] to a[p] are your model coefficients, and p is the model order. To fit these model coefficients a[1] to a[p] to your past data, you can use several methods, but this indicator specifically utilizes the Burg method for precision. When setting up the indicator, you'll need to configure the following inputs: UseDiff - a toggle to decide if you want to use price differences instead of the actual prices; Ncoef - specifies the number of model coefficients (this is your model order); Nfut - the number of future bars you want to predict; kPast - the number of past bars you want to include, which should be in increments of Ncoef (must be >= 1). This indicator will plot two curves for you: the blue curve represents the model outputs during its fitting process, while the red curve indicates the predicted future prices. When UseDiff is set to false: When UseDiff is set to true:

2010.07.05

MetaTrader5

Understanding Linear Regression Slope: A Key Indicator for MetaTrader 5

When it comes to analyzing price data, linear regression is a powerful tool that traders can’t overlook. This method fits a straight line to the price data, helping us identify trends and make informed trading decisions. The equation for this line is: y[x] = y0 + b*x In this equation: x is the bar number (x = 1..n); y[x] refers to the corresponding price (like open, close, median, etc.); b is the proportionality coefficient; y0 is the bias. The slope of the linear regression, which this indicator provides, is actually a normalized version of the coefficient b. To calculate b, the formula is as follows: b = (n*Sxy - Sx*Sy)/(n*Sxx - Sx*Sx) Where: Sx = Sum(x, x = 1..n) = n*(n + 1)/2; Sy = Sum(y[x], x = 1..n); Sxx = Sum(x*x, x = 1..n) = n*(n+1)*(2*n+1)/6; Sxy = Sum(x*y[x], x = 1..n); n is the period of LRS (input parameter Per). The denominator of b can be simplified to: n*Sxx - Sx*Sx = n*n*(n-1)*(n+1)/12 Ultimately, we can simplify the entire equation for b to: b = 6*(2*Sxy/(n + 1) - Sy)/n/(n - 1) Now, it’s important to note that the coefficient b isn’t normalized. To make the LRS (Linear Regression Slope) comparable across different currency pairs, we need to normalize it. A common approach is to divide b by either a simple moving average (SMA) or a linear weighted moving average (LWMA). These are defined as: SMA = Sy/nLWMA = 2*Sxy/n/(n + 1) Thus, the corresponding versions of LRS are: LRS_SMA = b/SMA = 6*(2*Sxy/Sy/(n + 1) - 1)/(n + 1)LRS_LWMA = b/LWMA = 6*(1 - (n + 1)*Sy/Sxy/2)/(n + 1) In practice, these two normalization methods yield very similar results. For this reason, the SMA normalization was selected for the indicator. Additionally, because the LRS values can be quite small, the indicator’s values are calculated and plotted in parts per 100 thousand, which helps keep them within a range of -100 to +100.

2010.07.05

MetaTrader4

Mastering the ChannelBalance Indicator for MetaTrader 4

Hey fellow traders! Today, I want to dive into a nifty tool that can really sharpen your trading strategies—the ChannelBalance indicator for MetaTrader 4. If you’re looking to fine-tune your entries and exits, this is definitely worth your time. Author: (c) 2010 Shon Shampain for Zen Cows Go Mu, http://www.zencowsgomu.com/. The ChannelBalance indicator is built upon the classic Channels indicator. Its main trick? It calculates what percentage of price action is hanging around the upper or lower boundaries of the channel. This can give you a clearer picture of whether the market is overbought or oversold. Why is this important, you ask? Well, knowing whether the price is closer to the top or bottom of the channel can help you make more informed trading decisions. It’s all about stacking the odds in your favor! So, if you’re trading with MetaTrader 4 and haven’t yet explored the ChannelBalance indicator, you’re missing out on a valuable resource. Give it a shot, and let me know how it works for you!

2010.07.05

MetaTrader4

Mastering Channels: Your Essential Guide for MetaTrader 4

Hey fellow traders! Today, let’s dive into the Channels indicator for MetaTrader 4. This nifty tool is all about helping us understand the highs and lows of price action, making it a must-have in our trading arsenal. What is the Channels Indicator? The Channels indicator calculates the high and low channels that price action has been moving through. It gives you a visual representation of where the price has been, which can be super helpful when making trade decisions. One of the key parameters you can adjust is the number of candles considered. This flexibility allows you to tailor the indicator to fit your trading style. For those who like to stay one step ahead, the Channels indicator serves as a precursor to the ChannelBalance indicator, which can further enhance your trading strategies. So, if you haven't added this to your toolkit yet, I highly recommend giving it a shot. It might just be the edge you need in your trading journey! Happy trading! Author: Shon Shampain © 2010 Zen Cows Go Mu, Check it out here!

2010.07.05

MetaTrader4

Mastering the BB Support Up Indicator for MetaTrader 4

If you're trading on MetaTrader 4, you've probably heard of the BB Support Up indicator. It's a handy tool for traders looking to leverage Bollinger Bands across multiple timeframes. This indicator works seamlessly from M1 (1 minute) to H4 (4 hours) and can really enhance your trading strategies. The best part? The BB Support Up indicator automatically displays Bollinger Bands from the next three timeframes, giving you a comprehensive view of the market's volatility. It’s like having a crystal ball that helps you foresee potential price movements! Timeframes: M1 to H4 Auto displays Bollinger Bands from three future timeframes Helps identify potential support levels

2010.06.30

MetaTrader4

Mastering the MA_Monika_SAR Indicator for MetaTrader 4

Understanding the MA_Monika_SAR Indicator If you're trading on MetaTrader 4, chances are you've stumbled upon the MA_Monika_SAR indicator. This tool is designed to work seamlessly across various time frames, from M1 all the way up to H4. Whether you're a scalper or a swing trader, this indicator can be a game-changer in your trading strategy. Color Coordination for Clarity One of the neat features of the MA_Monika_SAR is that it synchronizes the colors of the Moving Average (MA) and the Parabolic SAR, making it easy to analyze trends at a glance. With matching colors for the same periods, you can quickly identify potential entry and exit points. Tips for Using the MA_Monika_SAR Keep an Eye on the Time Frames: This indicator works well on M1 to H4, so make sure to adjust based on your trading style. Monitor Color Changes: As the colors shift, it might signal a change in trend direction – act accordingly! Combine with Other Tools: For best results, pair this indicator with other technical analysis tools to confirm signals. Good luck out there, and happy trading!

2010.06.30

MetaTrader4

Mastering the BB_Support Indicator for MetaTrader 4: A Trader's Guide

If you're looking to fine-tune your trading strategy on MetaTrader 4, the BB_Support indicator is a tool worth considering. This indicator is designed to help you navigate the market with greater confidence, especially when working within the M1 timeframe. Whether you're trading on M1, M5, H1, or D1, you'll find that the BB_Support indicator can be tailored to fit your needs. Let's dive into what makes this indicator tick! Description: The BB_Support indicator operates effectively on the M1 timeframe. While I personally use periods like M1, M5, H1, and D1, feel free to adjust these settings to match your trading style. Example #1: In the following examples, we utilize the iBands function to set up our upper bands: M1up[i] = iBands(NULL, PERIOD_M1, M1Period, M1Deviation, 0, PRICE_Ma, MODE_UPPER, i); M5up[i] = iBands(NULL, PERIOD_M5, M5Period, M5Deviation, 0, PRICE_Ma, MODE_UPPER, i / PERIOD_M5); M15up[i] = iBands(NULL, PERIOD_M15, M15Period, M15Deviation, 0, PRICE_Ma, MODE_UPPER, i / PERIOD_M15); M30up[i] = iBands(NULL, PERIOD_M30, M30Period, M30Deviation, 0, PRICE_Ma, MODE_UPPER, i / PERIOD_M30); Example #2: Here’s another look with a different setting: M15up[i] = iBands(NULL, PERIOD_M15, H1Period, M15Deviation, 0, PRICE_Ma, MODE_UPPER, i / PERIOD_M15); M30up[i] = iBands(NULL, PERIOD_M30, H1Period, M30Deviation, 0, PRICE_Ma, MODE_UPPER, i / PERIOD_M30); H1up[i] = iBands(NULL, PERIOD_H1, H1Period, H1Deviation, 0, PRICE_Ma, MODE_UPPER, i / PERIOD_H1); H4up[i] = iBands(NULL, PERIOD_H4, H4Period, H4Deviation, 0, PRICE_Ma, MODE_UPPER, i / PERIOD_H4); Images: Feel free to experiment with the BB_Support indicator and see how it can fit into your trading arsenal. Happy trading!

2010.06.29

MetaTrader4

Unlock Your Trading Potential with the Brooky Minute Overlay Indicator for MetaTrader 4

Introducing the Brooky Minute Overlay Indicator This nifty tool is perfect for traders who want to enhance their MetaTrader 4 experience! You can easily drag the Brooky Minute Overlay Indicator over any sub-window indicator without causing any disruptions to their functionality. What’s great about this indicator is its ability to draw vertical lines every hour or at any minute you choose, as long as a candle closes during that timeframe. For instance, you can spot a 27-minute line on a minute chart, but it won’t appear on an M5 chart. However, a 10-minute candle will be visible on both M1 and M5 charts. You following me? This feature is especially handy for those trading M1 and M5 charts. Why is this important? Well, a lot of action tends to unfold just after a candle closes—whether it’s a 5-minute, 15-minute, or even an hourly candle. I personally like to keep an eye on those hourly lines since we all share the same hourly candle, unlike the 4-hour ones. It’s super helpful to gauge where your stochastics, MACD, or other indicators might be, all without needing to toggle between multiple screens. There are some strategies that focus on 10-minute candles and the like; this indicator can really simplify that process. In the example chart, you’ll see an M1 chart featuring Hour, 10-minute, 30-minute, and 45-minute lines. It’s straightforward but surprisingly effective. You have the flexibility to customize the colors, heights, and minute intervals according to your trading style. With this indicator, you can select up to four lines. For example, if you only want to track the hour ending and the 30-minute mark, set the hour selection to 0 minutes and the others to 30 minutes. If you’re feeling adventurous and want to monitor every 3 minutes on an M1 chart, go ahead and overlay a couple of indicators onto your MACD or whatever suits your strategy. Hover your mouse over the line to easily identify which minute line you’re viewing. Happy trading!

2010.06.28