HLCrossSigForMFI - indicator for MetaTrader 5

Real author:

Bigeev Rustem

HLCrossSigForMFI is considered as a trend indicator since it is intended for "catching" trends. However, it's a pretty complex and informative indicator that allows excluding the psychological and emotional effects from trading.

This indicators shows levels for opening positions, setting stop levels, Trailing Stop and Take Profit, what leaves no doubts for a trader regarding performing a deal. Avoiding psychological and emotional influence in trading is a key factor for getting a profit on the market.

Inputs:

//+----------------------------------------------+
//| Indicator input parameters                   |
//+----------------------------------------------+
input int Supr_Period=6;    //Period of the break through range; the greater is the value, the later and rarer are the signals
input int MA_Period=21;     //Triple Exponential Moving Average period. Used as an additional filter
input int Risk=0;           //Maximal risk in pips, used for calculation of the level of entering on the basis of a closest MAX/MIN level
input int ATR_Period=120;   //АТR period. Used for calculation of volatility.
input double Q=0.7;         //Parameter for placing Take Profit. - A rate of Stop Loss. if =1, Take = Stop
input int MFI_Period=12;    //MFI period. Used as an additional filter
input ENUM_APPLIED_VOLUME MFI_VolumeType=VOLUME_TICK;  // MFI volume
input uint HLine=60;        //Upper signal stop line for MFI
input uint LLine=40;        //Lower signal stop line for MFI

Displayed elements of the indicator:

1. Up and down arrows are signals for opening the corresponding positions;
2. Circles on crosshairs are points for placing initial Take Profit;
3. Dots are used for confirmation of determined trend. If the price continuously breaks through the levels of these points, one should keep the position as long as it is possible. If points represent a "corridor" for a long period, it is time for fix the profit;
4. Diamonds are limits for placing Stop Loss and Trailing Stop.
   

Fig. 1. HLCrossSigForMFI indicator