Indicators: Theil_Sen Indicator
By default this indicator will easily identify large trends. The values I used for the max_ranging_value=0.0006, max_neutral_val=0.0001 are just based on my experience, which is approximately two years and I have never traded manually, only automated. The forex market is vast and there are also micro-trends i.e. small trends which can offer more tradable opportunities. I think this indicator will catch those small trends if I include the combined experiences of the community into the coding process to make the figures final.
Specifically, I need some consensus on what everyone agrees should be the ideal values for the max_ranging_value and max_neutral_val variables. I want you to change these values to your own; based on what you believe is more ideal towards answering the question of what is the maximum theilsen value for a market to be called ranging? All other relevant indicator calculations will be based on your answer to this question, that is why it's so important. And, any values that goes higher than ranging must be said to be trending, else this is a different universe. Submit the values you used in your backtests here. It will be combined in some way and the resulting figure will be coded into the final updated version of this indicator for everyone.
- www.mql5.com
Wow. This is really helpful. Thank you
I appreciate your comment alot.
The indicator is not loading on mt4. How can i load it pls
Why not? Please, give me a clue as to what you are seeing.
The indicator cannot be attached to the chart
I am not at my computer right now. Try this:
* Ensure that the file with the ".mq4" extension is already in the "Indicators" folder. If it is not there then move it to the "Indicators" folder.
* After doing the above, double click the file with the ".mq4" extension to open it in MetaEditor.
* Once the mq4 file is opened in MetaEditor, just click the "Compile" button. You can click it a few times to make sure. Now try attaching the Indicator to any chart.
Can I have indicator ploting two most traded open interest from option chain of the stock.
Also another indicator ploting gap up or gap down.
Can I have indicator ploting two most traded open interest from option chain of the stock.
Also another indicator ploting gap up or gap down.
Currently, no. Only the default price data from mt4 has been coded into this indicator. However, if you can get this data from an external indicator then this could be added in.
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Theil_Sen Indicator:
This indicator draws a trend-line directly on a chart. It uses the Theil Sen Estimation method to calculate the slope of the trend-line. Theil–Sen estimation is a method for robustly fitting a line to sample points in the plane (simple linear regression) by choosing the median of the slopes of all lines through pairs of points.
Author: Dwaine Hinds