The article demonstrates the development of the ZigZag indicator in accordance with one of the sample specifications described in the article "How to prepare Requirements Specification when ordering an indicator". The indicator is built by extreme values defined using an oscillator. There is an ability to use one of five oscillators: WPR, CCI, Chaikin, RSI or Stochastic Oscillator.
All patterns from Encyclopedia of Chart Patterns by Thomas N. Bulkowski in one indicator. It draws an up or down arrow whenever a pattern is identified.
Patterns are selected in the drop-down list of the Pattern variable (located at the beginning of the properties window).
The indicator has numerous external parameters, some of them apply to all patterns, while others are selective. To see more information on the parameters used for the selected pattern, enable the ShowHelp variable (located...
Indicator of Stowell's Three-Bar Net Line. In this indicator, the number of bars used for determining the lines can be defined in the settings. With the default settings, the indicator draws arrows in the areas of the line breakout. The lines are not displayed on the chart by default. but can be enabled.
Alerts - enable alerts when arrows appear. Arrows appear on a forming bar and can disappear during bar formation. Therefore, it is recommended to wait for the bar with...
The article considers all kinds of divergence: simple, hidden, extended, triple, quadruple, convergence, as well as divergences of A, B and C classes. A universal indicator for their search and display on the chart is developed.
The article provides the analysis of the following patterns: Flag, Pennant, Wedge, Rectangle, Contracting Triangle, Expanding Triangle. In addition to analyzing their similarities and differences, we will create indicators for detecting these patterns on the chart, as well as a tester indicator for the fast evaluation of their effectiveness.
The graphical method proposed by Bill Wolfe allows to detect a pattern, based on which a moment and direction for entry can be found, and also it helps forecast the target which the price should reach, as well as the time of target reaching. The article describes how to create an indicator based on a ZigZag, that would search for Wolfe Waves, and a simple Expert Advisor trading based on this indicator.
In this article a universal trend indicator is created based on a number of standard indicators. An additionally created graphical interface allows selecting the type of indicator and adjusting its parameter. The indicator is displayed in a separate window with rows of colored icons.
All channel indicators are displayed as three lines, including central, top and bottom lines. The drawing principle of the central line is similar to a moving average, while the moving average indicator is mostly used for drawing channels. The top and bottom lines are located at equal distances from the central line. This distance can be determined in points, as percent of price (the Envelopes indicator), using a standard deviation value (Bollinger Bands), or an ATR value (Keltner channel).
The article describes the process of creation of a universal indicator based on all oscillators available in the terminal, with its own graphical interface. The GUI allows users to quickly and easily change settings of each oscillator straight from the chart window (without having to open its properties), as well as to compare their values and to select an optimal option for a specific task.
ZigZag is one of the most popular indicators among the MetaTrader 5 users. The article analyzes the possibilities for creating various versions of the ZigZag. The result is a universal indicator with ample opportunities to extend its functionality, which is useful in the development of trading experts and other indicators.
Global variables of the terminal provide an indispensable tool for developing sophisticated and reliable Expert Advisors. If you master the global variables, you will no more be able to imagine developing EAs on MQL5 without them.