Efficiency Ratio Indicator

Short Description:

A powerful tool to measure trend efficiency and filter market noise. Toggle between a sleek line chart or a color-coded histogram with threshold alerts.

Key Features:

• Dual Plot Styles: Line (RSI-like) or colored histogram (Trend/Neutral/Range).

• Configurable Thresholds: Set your own upper (trend) and lower (range) levels.

• Multi-Mode Visualization: Clear visual cues—green for strong trends, gray for consolidation, red for ranging markets.

• Flexible Period: Adjustable calculation period (default 14).

• Lightweight & Fast: Optimized MQL5 code ensures minimal CPU usage.

• Seamless Integration: Drops into any chart as a separate window.

Inputs & Parameters:

1. ER calculation period (int): Number of bars for Efficiency Ratio (default = 14).

2. Upper threshold (double): ER value above which the market is in trend (default = 0.6).

3. Lower threshold (double): ER value below which the market is ranging (default = 0.2).

4. Plot style (enum): Choose between Line or Histogram presentation.

How to Use:

1. Attach the indicator to a chart.

2. Adjust the period and thresholds in the Inputs tab.

3. Select your preferred plot style: Line shows a clean ER curve; Histogram colors bars by state.

4. Monitor the ER transitions:

   • ER > upper threshold (trend signal)

   • ER < lower threshold (range signal)

   • Between thresholds (neutral)

Benefits:

• Quickly spot trending vs. ranging conditions.

• Improve entry/exit timing by confirming market efficiency.

• Filter false breakouts in choppy markets.

Screenshots (suggestion):

1. Chart view: ER line with dotted threshold lines.

2. Chart view: ER histogram colored bars.

3. Inputs panel showcasing parameters.

Support & Updates:

• Free updates and bug fixes for 12 months.

• Email support: mattimp93@gmail.com