I would like a price estimate on converting the indicator attached below from Metatrader 4 to 5 please.

The information below is from the developer of the script

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1. Lean out your windowsill and stare into the sky.  Just kidding.  The first step compares the first (high-low) prices with the ((highest high) — (lowest low)) prices over the specified number of periods.

2. The value from the first step is then averaged with an RMA (Modified Moving Average also known as a Running Moving Average).

3. This smoothed value is then converted with a logarithmic function.

4. Finally, this value is averaged again using RMA.

So Sparkly

As mentioned earlier, we’ve kept the default settings, but brightened things up from blue/red to aqua/magenta for this color change (or zero cross if you’re partial to that) confirmation indicator.  We took our ghost candles from last week and returned their sheets, so we’re white on white to keep things spiffy.

Settings

There are five variables here, but we’re only concerned with three of them, which gives us a fair degree of control without getting too crazy.  The other two allow you to change the visuals.

RangePeriods:  The number of periods used for the overall calculation of the signal line.  The default value is 30.

PriceSmoothing:  First iteration of a smoothing function.  The default value is 0.3.

IndexSmoothing:  Second iteration of the smoothing function.  The default value is 0.3.

Zoom Zoom

We wanted to include a close up of the zero line, where attention to detail matters.  Below, you can see that the symbols print above or below and if it’s too close to tell, use the data window to get conclusive evidence. 

Other Visuals

As a bonus, the optional two settings control how the indicator looks.  The default are the odd looking stars, but if you’re partial to histograms, or just signal lines, we’ve got you covered.  Below is an image with all three, so you can pick your poison.  The default value is 3; stars, and 2 is the histogram, leaving option 1 as red and blue signal lines.  The size controls…well, the size!  Now, go have some fun.

Setting Notes

To prevent a wild goose chase, pay attention to the second and third settings in the testing data.  The first thing that you’ll notice is that the numerical value doesn’t really move too far from the original value.  That means you won’t have to spend unnecessary time with numbers which aren’t helpful.

Advantages

* Colors make it easy to visually determine signals.

* Smooth signals for longer trend trades.

* Variables are easier to test due to narrow range.

How we use it.

One of three actions need to happen in the last 30 minutes prior to the close of the trading day.  They are; opening, maintaining, or closing, a position.  This is when you make your trading decisions, and not actually wait for the close at 1700 EST, because we trade on the daily time frame.

Long: Blue signal line rises above zero.  Entry is in the last 30 min. of the trading day.

Short:  Red signal line falls below zero.  Entry is in the last 30 min. of the trading day.

Star Signals

On the mark-up below, we took advantage of the starry theme and identified signals with…well, stars!

We really appreciated how this indicator kept us in trades when a faster confirmation would have returned multiple signals.  A good C2, perhaps?  There was really only one bad spot where the signal line popped up over the zero line, took a break and went back below.  We liked this one, and wait until you see the testing results.  Exciting stuff.

Star Signs

If you’re new to these studies, we recommend looking at some older blogs to understand how we conduct our testing.  We’re going to be using our alternative numbers.

No Wishing Required

Below is the data from our testing.

Well now, pretty darn good all the way around.  In fact, you’ll notice that the default values on most of the results are positive.  That’s a great way to start.  We got some good numbers on the EUR and of course XAU was the darling, posting excellent default and tweaked settings.  Go try this one out.  We’re glad we found it and happy to share it.  

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link to script -- https://h54969.p3cdn1.secureserver.net/wp-content/uploads/2024/01/Kuskus_Starlight.zip

Kind Regards

Q Awaseb