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Herrick Payoff Index

Herrick Payoff Index (HPI) confirms strong trends and helps to determine a moment when they change their direction, it also tracks prices, volume of trades and open interest (current liabilities), combining them into one parameter.

In MetaTrader 5, Herick Index can be displayed as a histogram or a linear chart for all trading instruments for which open interest is transmitted. Current liabilities or open interest represents the total volume of effective contracts (futures, options) for which there have been no calculations yet. In MetaTrader 5 it is displayed as "Open Interest" in "Details" tab of the "Market Watch" window.


Features

  1. Easy to use - it does not have any complicated parameters.
  2. Color and levels of the indicator as well as the vertical scale are set via standard menu of the setup window.
  3. The indicator can be displayed as a histogram or a linear chart.
  4. The indicator has an autonomous (independent from the indicator) on-line drive of minute history of the open interest which is saved in a file.
  5. One trading instrument has only one on-line drive, though you can download several Open Interest and Herrick Payoff Index indicators.
  6. The file is saved in a shared folder of all terminals, so accumulated history, necessary for plotting indicators, will be available in all terminals of MetaTrader 5.
  7. History files are sorted for each trading server and instrument. They are refilled until any terminal has at least one Open Interest or Herick Payoff Index indicator on a corresponding contract and trading server.
  8. Accumulated history is available for plotting indicators on any time frame. Please note that a minute history of open interest should be enough for at least two bars to display Herick Payoff Index.


Inputs

  1. Draw type - type of displaying the indicator. It is set to histogram by default. You can select a linear indicator.
  2. One cent move - scaling ratio; unitary cost of changing the price of 1 cent. Herick recommends applying number 100 for most of commodities. The only exception is Silver, for which 50 is recommended. It is set to 100 by default.
  3. Multiplying Factor - multiplying factor necessary for exponential smoothing the index. Small values result in a sensitive short-term indicator. Large values result in a slow long-term indicator. The parameter's purpose is similar to P or Period parameter for exponential moving average. The default value is 10.


Indicator Buffers

Indicator Buffer Number Contents
0 Index value on a corresponding bar/candle of the main chart
1 Index of the indicator color (See Colors section)


Colors

Standard version of the indicator has following rules of index coloring.

  1. Yellow - index value is zero.
  2. Red - index value is below zero.
  3. Blue - index value is above zero.

Colors can be changed in the setting window of the indicator.


Herrick Payoff Index Interpretation

HPI measures the capital inflow and outflow from the market. It helps to find out when powerful traders secretly buy up or sell out assets. If the index is above zero, volume of funds coming on stream grows (sign of bulls). If the index is below zero, outflow of funds is observed (sign of bears). But the strongest HPI's signals are generated in case of its divergence with prices (see example in the screenshot).

You can also have other signals using HPI. Their description is freely available on the Internet or, for example, in Alexander Elder's Trading for a Living.

The product can be modified and amended. Visit What's new tab to know about changes.
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Swing Trading is the first indicator designed to detect swings in the direction of the trend and possible reversal swings. It uses the baseline swing trading approach, widely described in trading literature. The indicator studies several price and time vectors to track the aggregate trend direction and detects situations in which the market is oversold or overbought and ready to correct. [ Installation Guide | Update Guide | Troubleshooting | FAQ | All Products ] Profit for market swings with
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X3 Chart Pattern Scanner MT5
Young Ho Seo
Introduction to X3 Chart Pattern Scanner X3 Chart Pattern Scanner is the non-repainting and non-lagging indicator detecting X3 chart patterns including Harmonic pattern, Elliott Wave pattern, X3 patterns, and Japanese Candlestick patterns. Historical patterns match with signal patterns. Hence, you can readily develop the solid trading strategy in your chart. More importantly, this superb pattern scanner can detect the optimal pattern of its kind. In addition, you can switch on and off individua
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AguiaTraders F12 PRO
Renato Fiche Junior
This tool was developed to help traders on candle by candle and replay training. In the indicator settings, the user can set the training start datetime. The indicator will autommatically hide all candles after this datetime. So the user can make studies before starting the training. Starting the training, the user can simulate your trades quickly and easily! Note: Demo version for testing can be found here: https://www.mql5.com/en/market/product/38314 This is a product developed by Renato F
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Engulfing Bar Indicator for MT5
Renaud Candel
Engulfing Bar Indicator is a pattern recognition indicator for Forex and Binary Options. The Engulfing Bar Indicator is a slightly enhanced pattern of the popular engulfing candle. The strategy that comes with the Engulfing Bar is purely based on price action. Inputs Distance: distance in pixels relative to top or bottom of candle to display the arrow symbol UseAlerts (true/false): enable alerts PopAlerts (true/false): enable popup alerts EmailAlerts (true/false): enable email alerts PushAlers
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BlueDigitsFx OBV Divergence MT5
Ziggy Janssen
* Non-Repainting  Indicator To Trade Divergences for any Newbie or Expert Trader ! Message Me Immediately After Purchase For Installation Help and V.I.P Access With Additional Strategies BlueDigitsFx Explains How To Use The OBV Divergence Indicator In Detail :  https://youtu.be/RrlBdgladsI BlueDigitsFx's OBV Divergence draws divergence lines on the chart and on the On Balance Volume (OBV) Indicator. Telegram Channel & Group  here Performs Amazingly at significant price areas such as support
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Mt5 Camarilla Pivots
Francis Dube
The Camarilla Pivots indicator is fully configurable and can be adjusted to work in different ways. If you are a manual trader and prefer a clean chart, you can configure the indicator so that it only draws camarilla pivot points for the current session. Otherwise if you are developing an expert advisor that uses pivot points, you can configure the indicator to show historical camarilla pivots as well. Another unique feature of this indicator is that, when calculating daily camarilla pivots, it
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Adx scalper arrow
Dmitrii Melnikov
Dial indicator based on one ADX indicator. Gives buy and sell signals when DI + and DI - lines intersect. The indicator works on all timeframes and currency pairs. In the premium version the signals are filtered, they are less, but they are more reliable. There are settings of the indicator period, you can experiment. ADXPeriod=14 - The period of the indicator. The indicator gives high-quality buy and sell signals, suitable for intraday trading.
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Weis Pip Wave MT5
Panagiotis Diamantopoulos
****NEW Auto Pip Waves ****  Attention: this indicator does not provide the zig zag line, as well as any display information about volume, pips, number of bars and Speed Index. All this information is generated by Weis Wave with Alert MT5 indicator https://www.mql5.com/en/market/product/33441 More Info: http://www.tradethevolumewaves.com Videos on how to use it on our youtube channel:  https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ Weis Pip Wave This is a Weis Wave Pip indicator whi
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Laguerre VIX Trend Extremes MT5
Synapse Investment Research Group, Inc.
The  Laguerre VIX Trend Extrema   (LVTE)  indicator detects market tops and bottoms. As its name suggests, LVTE is a percentage price oscillator that identifies extreme ranges in market price. As described in John F. Ehlers book  "Cybernetic Analysis for Stocks and Futures,"  incorporating Laguerre's equation can facilitate more advanced trend detection and smoother filters, while requiring less data. Here, we use multiple variants on Laguerre's equation, for robust detection of price maxima and
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Breakout Scanner Multi Pair And Multi Time Frame
ScorpionFX
(FOR MT5)  Breakout Scanner Multi Pair And Multi Time Frame :   This indicator has been designed to automatically identify high probability breakout patterns. And it does this by finding very strong, symmetrical pennants and triangles. IMPORTANT FACTORS TO KEEP IN MIND: Pennants and triangles are some of the best possible entry areas. As they allow you  to have excellent risk and reward ratios. And this is one of the most important factors  in the institutional trading world.  PLEASE NOTE: 
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