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TandemInstrument - indicator for MetaTrader 5

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votes: 25
2012.09.20 11:58
mymql_v201.mqh (15.42 KB)view

This indicator implements visualization of pair trading method (searching for divergences). Tandem Expert Advisor uses the same method (


Fig. 1. Overlaying EURUSD chart on GBPUSD. Common H1 timeframe

Fig.1 shows the example of the indicator application. It can clearly be seen that pairs diverged for a certain distance and started converging again. At the next similar divergence, the upper pair should be sold, while the lower one should be bought. When pairs start converging, both deals should be closed. One deal will be closed with a loss, while another one will fix a profit exceeding the loss. 

The following parameters were used in the above example:

Fig.2. TandemInstrument indicator parameters used in the example

History of changes: 

September 8, 2012

  • improved the indicator code considering possible holes in an indirect symbol;
  • added data on an indirect symbol's density (the ratio, by which the sizes of an indirect symbol's candles are multiplied before they are displayed on the main symbol's chart) to the chart window comment.

Translated from Russian by MetaQuotes Software Corp.
Original code:


Standard RSI that can be applied for a chart having a different timeframe.

Smoothed Simple Trend Detector Smoothed Simple Trend Detector

Smoothed Simple Trend Detector.

i-BB-Width i-BB-Width

Bollinger Bands Width. One of its application methods was described in FOREX Magazine №123 (July 2006) on page 47.

Simple Trend Detector Simple Trend Detector

Same RSI and Dem but more sensitive one.