ResSupFibo - indicator MetaTrader 5
The indicator shows the momentum of the price of the currency pair with a
marking Fibo levels. The display shows two lines of pink and blue, thus
indicating the direction of the entrance to the market, and marking of
Fibo levels. If the price breaks the bottom line, you need to sell if
the top, then buy the contrary. Good work on the timeframes of H1 and
above. Support and resistance lines are calculated as the number of
local extremes of the bars, input parameter defined indicator iPeriod.
This is interesting indicator to check breakout/breakdown of the price movement especially during the ranging market condition waiting for direction. As I understand - pink line is for sell level to be broken, and blue (upper) line is for buy trade in case the price breaks this line to above:
Anyway, it may be interesting to check about how this indicator works when market will be opened on Monday for example.
Forum on trading, automated trading systems and testing trading strategies
How to Start with Metatrader 5
Sergey Golubev, 2013.09.20 08:21
Sergey Golubev, 2015.02.03 18:48
Interesting article found (old but interesting): My First "Grail"
The word "grail" is now often used among modern
programmers ironically. It means for them the impossibility to create a
"universal" program for all occasions. As to programming in MQL4, this
word means impossibility to create an expert that would give fantastic
effects in the real trading.
In reality, forex is the reflection of a complex
conglomerate of phenomena - economic and industrial relations, human
characters, politics. Moreover, and this is even more important, it
cannot be simply formalized. Experienced traders recommend to enter the
market only if there are three to five or even more signs indicating the
At the same time, the regularities determined by now cannot
completely provide a deep basis for market forecasting with high
probability of success. The contradictory prognoses made by leading
analysts of eminent banks and financial organizations confirm this. All
analysts, without any exception, can very well interpret the events that
have already happened, but only a few of them can give a sequence of
really confident prognoses.
Let us be just towards them: These people do what they can do,
most of them have a long trading experience and much knowledge we can
envy. However, let us call things by their proper names: practically all
of them are often mistaken. They can look big, enjoy more or less
popularity, sometimes make a handsome fortune ("gurus" of different
kinds are really well described in the Alexander Elder's book titled
Trading for a Living: Psychology, Trading Tactics, Money Management),
but the fact remains that even experienced analysts are often mistaken.
This is the other version of forecasting indicator (i-DRProjections). The indicator is forecasting the daily high/low for the current day. It means: if we attach this indicator when the market will be opened so we can get predicted high/low for this day for example:
Prediction of the daily price ranges. This indicator shows the current
day support and resistance levels forecast on the bases of the previous
day price levels. The formula for calculating the levels are described
in Thomas Demark's The New Science of Technical Analysis.
Sergey Golubev, 2013.08.04 18:27
If you are totally new to this website and
there are some pages which will help you to start :
This is very interesting (and very usefull) RSI indicator: RSI Monitor - indicator for MetaTrader 4
If you trade with RSI indicator, here is another way to use it. This
indicator will draw a small panel that shows all RSI values on all
timeframes and will alert you when the price enters the Oversold,
Sergey Golubev, 2016.03.24 17:43
All about MQL5 Wizard : create robots without programming.
Alain Verleyen, 2013.10.10 12:07
Not provided with standard library, if you want to use one of them, you have to download and install it.
Trading Signals of Candlestick Patterns + Stochastic
Work in progress...
ZigZag Signal - indicator for MetaTrader 4
This is signal indicator based on zigzag which is placing the arrow on the chart if the following pattern was fomred (for sell, and opposite pattern for buy):