Point of Interest MT5
- Scott Edward Merritt
- Version: 1.1
- Updated: 25 December 2022
- Activations: 5
What is a Point of Interest? Traders who follow Smart Money Concepts may call this a Liquidity Point, or areas pools of liquidity have been built up by retail traders for for Big Banks to target to create large price movements in the market.
As we all know, retail traders that use outdated and unreliable methods of trading like using trendlines, support and resistance, RSI, MACD, and many others to place trades and put their stop losses at keys points in the market. The "Big Banks" know these methods as well to trick retail traders into placing their stop losses past keys areas to build pools of liquidity, then spike prices up or down to stop out their trades and grab the liquidity.
The Point of Interest indicator (referred to as a POI from hereon) can help you in seeing those areas that may become targets for the Big Banks. Understand, there is no way to determine when or how fast a POI may be taken, but just like my Market Imbalance indicator has shown, I assure you they will come for them at some point once enough liquidity has formed for them to capture them.
The POI indicator is pretty straightforward once you place it on a chart. You must understand this first before you rent or purchase is that THIS IS A REPAINTING INDICATOR! You must us it as a targeting indicator. It was designed this way because once a Higher High or Lower Low is broken, we all know price doesn't just magically turn around. There are other influences like imbalances, higher timeframe Order Blocks, and much more that can affect how far price will go before a reversal happens. For example, if price makes a new low, the POI indicator will mark the new low point, then if price moves even lower, it will follow price and redraw the POI Symbol and line until a true peak has formed. One this peak is set, the line will continue to draw, following the current candle, until price breaks the POI line. How you trade back to this POI line is up to the trader and their strategy that they use. This is an informational indicator, similar to what my Market Imbalance indicator provides to the trader.
Current Inputs (Default values)
- Minor POI Period- These are minor points that may form in between Major POI's (89)
- Major POI Period- These are the larger points of interest and are stronger reversal areas (233)
- Bars to Calculate- Number of bars back (5000)
- Minor POI Symbol Size- Size of the Minor POI represented by a small circle (3)
- Minor POI High Color- Color of the symbol at highs (Maroon)
- Minor POI Low Color- Color of the symbol at lows (Navy)
- Major POI Symbol Size- Size of the Major POI represented by a double circle (6)
- Major POI Low Color- Symbol color at highs (Maroon)
- Major POI Low Color- Symbol color at at lows (Navy)
- POI Line Width- Width of the POI Lines themselves (4)
- POI Line Style- Style of the POI Line (Solid)
- High POI Line Color- Color of the High POI Line (MediumOrchid)
- Low POI Line Color- Color of the Low POI Line (LimeGreen)
- Alert On?- Turns on or off alerts (false)
- Pop Up Message- This will show a pop up message when a POI Line has been breached (true)
- Sound- Provides audible alert (false)
- Email- This will email a notification to the trader. Email notifications must be set up in MT5 for this to work. (false)
- Push Notification- This will send a push notification to the trader's mobile device or tablet. Push Notifications must be set up in MT5 for this to work. (false)
- Sound file- Sound file for audible alert (alert2.wav)
- Unique ID for Objects- This should not be changed. But if you hover over a POI line it will provide information on if the POI was broken, what type of POI it is (Major or Minor), it's current price and time if unbroken, and if broken, will tell you the time and price once it was broken.
The MT4 Version is here
Please ensure you understand the risks and carefully consider your financial situation and trading experience before trading.
The possibility exists that you could loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose!
No information presented on MQL5.com constitutes a recommendation to buy, sell, or hold any security, financial product or instrument, or to engage in any specific investment strategy by using this product.