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2012.02.23 07:26
Indicators

Clear Method - indicator for MetaTrader 4

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Description:

This indicator is based on the article: Getting Clear With Short-Term Swings by Ron Black

http://www.traders.com/Documentation/FEEDbk_docs/2010/09/Black.html

http://www.traders.com/Documentation/FEEDbk_docs/2010/09/TradersTips.html

To set up colored candle charts:

  • Switch to Line Chart;
  • in Chart Properties window, set Line Chart Color to None (the entire price graph will disappear);
  • Copy the ClearMethod.mq4 file to the Indicator directory, it will be used by iCustom();
  • Add ClearMethodCandles1 (this must be the first), then ClearMethodCandles2 to the chart;
  • If you use black backgrounded chart, set IsBlackChart parameter to true for both indicator.

The histogram shows the distance from the actual switching threshold.

Signals (ClearMethodSignals.mq4):

  • Clear signal(x): breaking Clear Line (candles change color here)
  • Move signal(arrow): Clear Line moves again after flat (see image below)
  • Alert: after a closed bar signal, at the first tick of next bar

The drawings and the alerts can be separately switched off.

Image:


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