Market State Reader Panel

Market State Reader Panel is the free version of Market State Reader. It reads the chart the way a price action trader does and writes the result on the chart in plain words: is this a trend or a trading range, who is in control (bulls or bears), did the last breakout follow through or fail, where is the gap, is there a measured-move target, and what is worth looking for on the next bar.

It works on closed bars only, so nothing repaints. It was built for intraday index trading (DAX, US500, Nasdaq) on M5, but it runs on any symbol and timeframe.

What you see on the panel

  • Market state: BULL TREND, BEAR TREND, TRADING RANGE, WEAK / TRANSITION or BREAKOUT FROM RANGE, with the numbers behind the call (EMA slope, bars above the EMA, EMA crosses, bar overlap).
  • Who is in control: bulls, bears or neutral, and since when.
  • Last bar type: strong trend bar, doji, inside bar, outside bar, big tails.
  • Local pattern: tight channel without pullback, 4 of 5 bars one way, or overlapping bars.
  • Breakout of the recent range: waiting for follow-through, follow-through OK, held, or FAILED (trapped traders), with a count of failed breakouts today.
  • Gap from the previous session close and whether it is filled.
  • Day high / low and the opening range.
  • Measured move (leg 1 = leg 2) target and whether it was reached.
  • Range position meter: where the last close sits in the last 30 bars.
  • Last 20 bars strip: colour = direction, full height = strong trend bar.
  • One advice line, for example "Range MIDDLE: no trade, wait for the edges", "Breakout up held: buy the first pullback, don't fade it", "Failed breakout up: look to SELL, target range middle".
  • Fast and slow EMA on the chart.

Session presets

Whole day (default, any symbol), DAX / Xetra (10:00–18:30 server time) and US cash (16:30–23:00 server time) for brokers on GMT+2 / GMT+3 server time, or Custom with your own start, end and quiet-midday times. Outside the session the advice line says "no new trades".

Inputs

Session: preset, custom start / end, quiet midday start / end, opening range bars.

Reading: fast EMA (20), slow EMA (50), ATR length (14), bars used to judge trend / range (20), bars forming the breakout range (12), swing strength (3), minimum swing size in ATR (1.0), history bars read at start (3000).

Panel: corner, X / Y offset, width, font size, title and text fonts, alerts.

Look: colour the chart in the Navy theme on / off (your colours come back when the indicator is removed).

What the full version adds

Market State Reader (full version, https://www.mql5.com/en/market/product/202275) draws the reading on the chart as well:

  • shaded trading range and breakout range boxes, session and quiet-midday markers,
  • swing structure labels HH / HL / LH / LL, arrows where control flips, FB marks at failed breakouts,
  • previous close, opening range and measured-move lines with a target,
  • four themes (Navy, Black, White, Classic black & white),
  • study mode: read the chart as of any past bar to check what the panel would have said.

Notes

  • Alerts (pop-up) on a failed breakout and on a state change can be switched on in the inputs.
  • The panel moves below the One Click Trading buttons automatically.
  • This is a reading aid for discretionary price action trading. It does not place trades and it does not predict the market.
Altri dall’autore
Session Bar Number
Sergej Michajlik
Indicatori
Bar numbers that start where the exchange opens. Drop it on the chart and bar 1 sits on the candle of the cash open: 09:00 Berlin on DAX, 09:30 New York on S&P 500 / Dow / Nasdaq, 08:00 London on FTSE, 09:00 Tokyo on Nikkei, the NYMEX floor open on oil, the COMEX floor open on gold and silver. The indicator reads the symbol name, knows the exchange's time zone and its summer-time rule, and works out which candle that is on your broker's server clock. You don't enter an offset, and it stays right
FREE
Market State Reader
Sergej Michajlik
Indicatori
Market State Reader reads the chart the way a price action trader does and writes the result on the chart in plain words: is this a trend or a trading range, who is in control (bulls or bears), did the last breakout follow through or fail, where is the gap, where is the measured-move target, and what is worth looking for on the next bar. It works on closed bars only, so nothing repaints. It was built for intraday index trading (DAX, US500, Nasdaq) on M5, but it runs on any symbol and timeframe.
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