Eye of Horus
- Göstergeler
- Sürüm: 1.17
- Etkinleştirmeler: 5
Eye of Horus — an indicator for confirmed reversals for MetaTrader 5
Eye of Horus — this indicator identifies confirmed price reversals. It draws a coloured line connecting confirmed price movements.
How it works
The indicator tracks a potential high or low. It then waits for a price movement of at least the Signal Distance (Points). The reversal must be confirmed within the Confirmation Window (Bars) of closed candles following the specified price movement and time period. If the time window expires, the indicator resets and a new search begins. Once confirmed, the direction changes and the indicator tracks the next range to determine the entry point.
The current candlestick, which is still forming, is not used for confirmation. The BUY/SELL arrow is placed on the closed confirmation candlestick. The indicator displays the entry point itself on the historical candlestick where it occurred, but only after subsequent confirmation.
Chart elements
- Yellow line: a confirmed high, after which the price reversed downwards.
- Red line: a confirmed low, after which the price reversed upwards.
- Green upward arrow: BUY confirmation.
- Orange downward arrow: SELL confirmation.
Parameters
- Signal Distance (Points): minimum reversal distance in broker points (`_Point`).
- Minimum Swing Spacing (Points): minimum distance. Affects the display of the line, not the signal threshold.
- Confirmation Window (Bars): the maximum number of closed candles; minimum 1.
- Use Candle Extremes: enabled — uses High/Low; disabled — uses Close.
- Signal Arrow Offset (Points): the offset of the arrow from the confirmation candle in broker points.
- Show Chart Information: displays the indicator name, symbol, timeframe and settings on the chart.
Important notes
The BUY and SELL conditions are symmetrical. Historical ranges are recalculated based on closed candles. The confirmed point appears on the previous candle after confirmation has taken place — this is the built-in behaviour; the signal arrow remains on the confirmation candle. The value in points depends on the number of digits in the broker’s symbol. Check the settings for your specific instrument. The indicator does not guarantee a profit — test it before trading with real money.
