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indicator 5_34_5

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Dave
79
Dave  

Hello

I have some questions about this MT4 indicator "5_34_5" found here https://www.mql5.com/go?link=http://www.xeatrade.com/trading/11/%2520/330.html

1. How to interpret it? How to use it? Does it give buy/sell signal? If yes, what are their?

2. When is better to trade using this indicator : range or trend?

3. What is the best chart setting for this indicator (UT, ...) to skip false signals?

4. What code lines to add to get a sound alert:

- when the fast line cross above the slow line.

- when the fast line cross below the slow line.

- one candlestick before the fast line cross above the slow line.

- one candlestick before the fast line cross below the slow line.

5. Is it a variant of the MACD(12,26,9)? I mean, is it a MACD(5,34,5)?

6. How to get the same (or very close) indicator on a trading platform not compatible with MQ4 language?

Thank you very much.

Ravique
574
Ravique  

If i remember correct it is a MACD with the setting 5 34 5 , bust it was made in an another indicator. It has two lines, and it gives a buy or sell signal when the cross, but trading using one indicator is pretty risky.

There is a problem with this indicator , because it changes it`s historical values, this is why it has no good use. But still, if you wan`t to use it it is better to do it in a traendy market, just like the most of other indicators. It can be applied to any chart, it`s your preference basicly.

vinetime
3
vinetime  

I think this indicator could be (or mimics) the traditional MACD, but uses 5,34,5 as its parms. If so, it can be a reasonably good tool, but always consider it in perspective of the overall trend.

However, I'm new to coding for Metatrader, and am not sure this is really a MACD variant. The references to ADR in the code could be old references.

Wish I could help more. I'm a retired Fortran programmer who is searching for Metatrader programmers who can help me come up to speed.

mark
13
mark  

I am looking for an indicator to use for a 1 hour time frame that you can use in trending and ranging markets. Also will this indicator give an idea for entry and exit points. Any suggestions?

waelzoubi
3
waelzoubi  

Hello

ismailv
47
ismailv  

try awesome indicator very similar to 5-34-5 macd

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