This is a thread dedicated to mt4 to mt5 conversion
For correct version of metatrader 4 use the original code (from this thread : trend quality indicators ). The code you posted is an attempt to change the code that I originally wrote. Since the original works as it should, I don't think that there is a need for yet another version (or, if the author of the changed code believes that there are some improvements, then the correct version with improvements should be posted)
Hello mladen or anyone else, please kindly help me convert this indicator to mt5
Here is the metatrader 5 version of that indicator : elder_auto_envelope.mq5
Any documentation from Elder about it?
This is one description that I have found (from Elder.com) :
Envelope or channel lines are set parallel to the moving average (parallel to the slow MA if you use two MAs). The two channel lines must contain approximately 95% of all prices for the past two or three months on a daily chart, with only the extremes protruding outside. Channel lines provide attractive profit targets – sell longs near the upper line and cover shorts near the lower line.
The AutoEnvelope is a custom indicator - an original tool that automatically sizes channels by calculating a standard deviation for the last 100 bars. It is designed to either use a fixed channel size or to change value at most once a week (once a month on a weekly chart), making it suitable even for intra-day data (use the ‘Fixed channel size’ parameter to switch from one mode to the other).
The EMA is plotted in addition to the AutoEnvelope. This combination allows you to change the EMA and have the envelope follow it without adjusting two separate indicators. If you do not want to see the moving average, go into the indicator properties and change its style to invisible.
● Base EMA (22) – This is the number of bars for the Exponential Moving Average plottedin the center of the channel.
● Factor (27) – This is the number of standard deviations (expressed in the tenths) for creating the channel. Statistically, 2.7 is the proper size to use, but that assumes a standard distribution, which is not always present in the markets. We find that 27 works for most stocks using daily data, but you may want to adjust this Factor to fit your trading vehicle and style.
● Fixed channel size (Yes) - Channel can be either fixed or dynamic. If fixed size is ticked, channel corresponds to the channel size at the right edge. Otherwise, channel size is changing once a week.
PS: The upper is using the weekly adjustment of the channel
Thanks - that will do
Thank you, thank you, thank you.
Sorry I even thank you late, was waiting for an email hoping I would be notified when there is a change in the thread until I decided to just check and bingo.
Elder's books are all over the net, most relevant are the latest Trading for a Living (2014) and Come into my trading room. Almost all his documentations describe his indicators
Thank you ...
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