Super Setup for MT4
- Indicators
-
Minh Truong Pham
Hello, my name is Pham and I am a programmer and trader! At here, I create amazing forex indicators and expert advisors for Metatrader.
I will try:
+ Provide best tools base on my 5 years experience as a trader and 10 years as a programmer. - Version: 1.0
- Activations: 5
Most reversal arrows appear while the bar is still moving, then quietly vanish when the bar closes somewhere else. That one habit is why traders stop trusting arrow indicators, and it is the first thing I fixed here. Super Setup decides after the close and never on the forming bar, so a mark you can see is a mark that stayed.
The second thing is how few marks there are. On the EURUSD H4 screenshot below, five weeks of price gets six marks. If you want an arrow on every swing, this is the wrong tool.
Where the popular versions drift
| What the material says | What most tools implement | What Super Setup does |
|---|---|---|
| An engulfing candle is a reversal only if there is something to reverse | Any two bars where the second body covers the first | Price must have moved against the signal over the last N bars before the pattern counts |
| A pattern is not a pattern until the bar closes | Arrows painted live, removed when the bar closes differently | Evaluated on confirmed bars only, nothing on the forming bar |
| Candle quality is body against the real move, and the real move includes the gap from the previous close | Body divided by high minus low | Body divided by true range, so a bar that gapped is measured honestly |
| Wilder's average is his own smoothing, not a simple average | MetaTrader's built-in ATR averages true range with an SMA | Wilder's smoothing written out directly, so the target sits where the original puts it |
| A structure break is confirmed by a close beyond the level | A wick through the level counts as a break | Needs the close beyond the previous bar's extreme, and the line is anchored back at the swing that actually broke |
| VWAP is a session measure and restarts every session | One cumulative average from whatever bar loaded first | Restarts at each new trading day |
The fourth row is the one that costs money. Wilder's smoothing and a simple average of the same true range drift apart by a few percent and stay apart, so a book-profit marker built on MetaTrader's ATR sits at a different price than the one you saw on TradingView. Small on paper. Not small when it decides whether your target was hit on the bar you were watching.
What it draws
Reversal marks. A green up marker with "Bottom" under the bar, a red down marker with "TOP" above it. Four things have to line up on the same closed bar: an engulfing body, a body that is more than half the bar's true range, momentum still on the right side of its threshold, and price sitting below (or above) where it was N bars ago. Miss one and there is no mark.
Book Profit. After a mark, the indicator remembers that close and watches for price to travel a multiple of ATR away from it. When that happens it drops one blue dot labelled Book Profit. One per signal, never repeated, and it re-arms only when the next signal prints. It is a measuring stick, not an exit order.
Market structure lines. When a bar makes a fresh extreme of the last 20 and closes beyond the previous bar's extreme, a horizontal line is drawn back to the swing that just gave way. Green for the upside, red for the downside. It keeps the newest 50 per side so an old chart stays readable.
Two context lines. A 200-period EMA and a session VWAP that restarts each trading day. That is the whole overlay.
And that is also the honest limit of the drawing list. No order blocks, no fair value gaps, no liquidity sweeps, no supply and demand boxes, no dashboard, no trade panel, no lot-size calculator. If you came here for a market structure suite, this is not one.
Alerts
Alerts fire on the close of the signal bar, once per event per bar, with a guard that stops the same message going out twice in the same candle. Book Profit and structure breaks can either wait for the close as well or fire the moment they happen, which is one input. On this MetaTrader 4 build the delivery choices are a terminal alert, an email, and a push notification to the MetaTrader mobile app.
How to read it
| On the chart | Read it as |
|---|---|
| Green marker with "Bottom" | A closed bar that reversed after a real move down, not just a green candle |
| Red marker with "TOP" | The same thing inverted |
| Blue Book Profit dot | Price has travelled the ATR multiple away from the last signal in your favour |
| Green horizontal line | Buyers closed above a level that had been holding |
| Red horizontal line | Sellers closed below one |
| EMA and VWAP | Context you apply yourself, the tool does not filter on them |
Long: wait for a Bottom mark to appear on a closed bar. Check that the last structure line under price is green and that price is above the session VWAP, so you are not buying into a market that is still breaking down. Then drop to your execution chart, take your own trigger, and use the Book Profit distance as your first target. Short is the same thing inverted.
Skip it when price is glued to the EMA and the structure lines alternate green, red, green within a handful of bars. That is a range, the pattern will keep printing, and every mark will be right for two bars and wrong after that. Skip it too on the first day back after a holiday gap, because a gapped bar can pass the body test on a range nobody really traded.
What this version can't do
It has no trend filter of its own. This is a counter-trend pattern by construction, so in a strong one-way move it will keep marking against the move, and it is your job to ignore those. I left it that way on purpose because the original does, and because a filter I picked would be wrong for half the people using it.
The repeat guard is directional. Turn on "Disable Repeating Signals" and a second Bottom will not print until a TOP has printed in between. That is what keeps clusters off the chart, and it also means a legitimate second entry on the same leg goes unmarked.
There is no candle stability threshold that works everywhere. Gold on H1 and EURUSD on M15 want different numbers, and the default of 0.5 is a starting point rather than an answer.
Structure lines look back 100 bars for the swing to anchor to. If the last swing is older than that, you get no line rather than a wrong one.
On D1 and above the VWAP sits exactly on the close, because each daily bar is its own session. That is what the original does and it is not a bug, but it does mean the VWAP is only useful to you intraday.
You won't find a win rate table in this listing, and I would treat any indicator listing that has one with some care. This marks bars. What you do after that is the part that decides the outcome.
Honestly, the part that ate the most time was not the signal logic. It was proving this MetaTrader 4 build agreed with the MetaTrader 5 one, because MT4 numbers its bars backwards, and I ended up writing three separate implementations and running them against each other on thousands of random bars before I believed the answer.
Questions you'll have
Does it repaint? No. Signals are only evaluated on bars that have closed, so an arrow never appears and then leaves. Structure lines are the honest exception: a line can appear on the live bar and disappear if that bar closes back inside, which is the correct behaviour for a break that failed. Once the bar closes, it is fixed.
Which timeframe? H1 and H4 are where I would start. It works lower, but below M15 the body-versus-range test starts passing on noise.
M1? You can, and I wouldn't.
Can my EA read the signals? Yes. Buffer 23 carries 0, 1 or 2 on the signal bar itself, which is the cleanest thing to read with iCustom. Buffers 2 and 3 hold the arrow prices, 4 and 5 the book-profit marks, and 21 and 22 the latest structure levels. Buffer 23 keeps working even if you turn every drawing off.
Is this the MetaTrader 4 build? Yes, this page is the MetaTrader 4 version. A MetaTrader 5 build of the same code exists as a separate product and its signals are identical bar for bar. Two things differ here: MetaTrader 4 draws chart text through an older path that turns triangle characters into question marks, so the labels on this build read plain "Bottom" and "TOP", and the MetaTrader 5 build can also send alerts to Telegram.
Do I need TradingView? No. Nothing here calls out to a web service.
Support
Message me on MQL5 with a screenshot of the chart plus symbol and timeframe. That is usually enough for me to tell you what happened. Updates are free.
Analysis tool. It places no trades and makes no profitability claim. Past price behaviour is not a guide to future price behaviour.
