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Published:

2 January 2019, 14:41

Elders_Safe_Zone_MTF.mq5 (32.36 KB) view

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Multi-timeframe version of Elder's Safe Zone indicator. Displays Alexander Elder's Safe Zones calculated for three specified timeframes. Elder's Safe Zone calculates the minimum stop loss so that to keep it not far from the price, to protect profit, and not too close to the price, to avoid stop loss activation from noise movements.

It has seven input parameters:

ESZ Period - Safe Zone calculation period
Stop factor - Safe Zone line shift from the price
EMA period - EMA calculation period for defining the price direction
Drawing mode - line drawing mode

Steps - by steps
Slope - inclined lines, which connect the values of neighboring bars of specified timeframes

First ESZ timeframe - the timeframe of the first displayed Elder's Safe Zone
Second ESZ timeframe - the timeframe of the second displayed Elder's Safe Zone
Third ESZ timeframe - the timeframe of the third displayed Elder's Safe Zone

Fig.1. Multi timeframe Elder's Safe Zone, Drawing mode = Steps

Fig.2. Multi timeframe Elder's Safe Zone, Drawing mode = Slope

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/23291

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Elders_Safe_Zone_MTF - indicator for MetaTrader 5