Market Marker MT5
This is a highly accurate, universal, multitimeframe instrument for traders following supply and demand levels.
Each chart candle is in fact a cluster – the smallest unit of market data on a price movement and a volume/effort put into this movement. The combination of these clusters (the chart itself), as well as different combinations of clusters on various timeframes provide sufficient data for analysis.
The indicator displays peak levels of activity formed by the maximum volume, tracks the correlation of the candles on all timeframes (from the highest to the lowest one) and colors the bars depending on their volumes. Each volume level is a kind of key trading activity. The most important cluster is inside a month, week, day, hour, etc. The key cluster computing algorithm allows using the indicator on any symbol having volume (tick or real).
The indicator identifies and highlights supply and demand levels among volume levels. The levels acquire the status of supply or demand in advance, i.e. before they are touched by the price again. A layer of volume levels from different (but same-status) timeframes provides a good and accurate entry signal.
The indicator is user-friendly both functionally and visually. Besides, it requires no complex settings. Despite of the current timeframe, you are able to see the levels of other (both higher and lower) ones. You cam manage the indicator using the buttons on a chart.
A volume level receives Demand status if the nearest volume level located to the left and above has been broken upwards. A volume level receives Supply status if the nearest volume level located to the left and below has been broken downwards.
In addition to supply and demand levels, the indicator finds target levels – TFD (Target For Demand) and TFS (Target For Supply). A target level for a demand one is the nearest level located to the left and above and not broken upwards. A target level for a supply one is the nearest level located to the left and below and not broken downwards. Target levels may coincide with supply and demand ones. In that case, they are labeled Demand&TFS or Supply&TFD.
A level status appears, changes or remains the same only at the opening of a new candle of the timeframe it belongs to.
The indicator recognizes the moment a broker starts broadcasting real volumes and switches to them. If no real volumes are broadcast, the indicator works with tick ones.
The indicator works on M1, M5, M15, M30, H1, H4, D1, W1. When on any of these periods, the indicator uses the underlying periods for its calculations, down to M1. Therefore, make sure to download the history of all these periods via Service->History Center, or just by scrolling the history against the stop. In case the data on any of these periods is missing, the indicator generates a corresponding message.
- MTF (MarkersTimeFrame) – select the period, starting from which volume levels (markers) are displayed.
- MM (MarkersMode) – enable/disable market display mode.
- NM (NearestMarkers) – display only several markers nearest by time that are above and below the current open price. The number of displayed markers is set by LastNearestMarkers input parameter.
- NL (NormalizationLength) – length of markers is proportional to the candle volumes of the timeframe they belong to. As a result, markers from higher timeframes become longer allowing you to see the levels more clearly. In normal mode, the length of markers is proportional to the candle volumes of the current timeframe.
- FL (FixLength) – use the fixed length of markers set in monitor pixels (the length itself is set by MarkersFixLength input parameter).
- FH (FixHeight) – use the fixed height of markers set in monitor pixels (the height itself is set by MarkersFixHeight input parameter).
- SV (SurroundView) – enable volume representation of the levels.
- BV (BordersVisible) - enable/disable display of period borders.
- BM (BoxMode) – enable/disable bars coloring mode.
Input Variable Description
- BordersFontSize – font size of the marker above the period borders.
- MarkersFontSize – font size of labels on volume levels (markers). If 0, market labels are hidden.
- MarkersFixHeight – fixed height of markers in FH mode. Set in monitor pixels: minimum – 2, maximum – 50.
- MarkersFixLength – fixed length of markers in FL mode. Set in monitor pixels: minimum – 5, maximum – 200.
- MarkersMaxLength – maximum allowed marker length in NL mode. Set in monitor pixels: minimum – 50, maximum – 1200.
- LastNearestMarkers – number of the nearest markers displayed in NM mode. When set to zero, only supply/demand levels and target levels are displayed.
- BoxContrast – visualizing parameter for BM mode, default – 1.0, fractional step. If the chart has too many purple and red bars, decrease the variable value below 1.0. If the chart has too many gray and yellow bars with almost no red and purple ones, set the variable value higher than 1.0. This parameter is set only once.
- FutureSymbol – if you trade a currency pair or a futures, leave the field completely blank. If you trade index, and your broker provides quotes also for the futures on the index, then enter the name of the instrument indicating that futures in this field, for example, #S&P500_M6. Thus, the indicator will work on the index, but the data on the volume will be taken from futures.
- BordersColor – color of period borders and their corresponding text.
- ButtonsColor – background color of the control buttons.
- ButtonsTrueTextColor – active button text color.
- ButtonsFalseTextColor – inactive button text and frame color.
- MarkersW1Color – W1 marker color.
- MarkersD1Color – D1 marker color.
- MarkersH4Color – H4 marker color.
- MarkersH1Color – H1 marker color.
- MarkersM30Color – M30 marker color.
- MarkersM15Color – M15 marker color.
- MarkersM5Color – M5 marker color.
- MarkersBorderColor – labels' and volume level borders' color.
- HighestBoxColor – color of the bar containing very high volume.
- HighBoxColor – color of the bar containing high volume.
- MediumBoxColor – color of the bar containing medium volume.
- LowBoxColor – color of the bar containing low volume.
- LowestBoxColor – color of the bar containing very low volume.
Updated algorithm of assigning the Demand or Supply status to levels relative to the trend direction based model. A trade recommendation is formed in accordance with the new algorithm. The algorithm of a reverse model remains unchanged.
Before generating a trading signal, the indicator checks for divergence - if the price is close to the level and volumes are rapidly growing, or if the price is approaching the level and the volumes are too low, the trading signal will be canceled, and an appropriate text message will be displayed.
A trade signal which has become irrelevant due to market reasons (or temporarily irrelevant) does not disappear, but is dimmed instead.
The field, where the period set using the MTF buttons, is now also a button. When this button is pressed, only the levels of this period are displayed. In this mode the trade recommendation is formed only relative to the specified timeframe as well, without checking the correlation with the higher timeframe.
Added new mode for displaying levels - as thin lines with labels above. Due to this, the SV button has been renamed to MV (Markers View) and successively toggles three modes for displaying levels.
The current timeframe is the one set by MTF buttons in the indicator settings. The higher one is the next timeframe after the current one. H1 is a higher timeframe for M15, while H4 is a higher timeframe for M30.
Trading recommendations are displayed on the chart, as well as in alerts and push notifications.
The text contains:
Operation type – buy or sell, as well as recommended entry price, long-term target – tp, short-term target – ntp and profit factor – pf.
The long-term target is the target level (TFS or TFD) of a higher timeframe, while the short-term target is a target level (TFS or TFD) of the current timeframe. The profit factor is calculated relative to stop loss and short-term target levels when entering at a recommended price.
On М1 timeframe – M15 border.
On М5 timeframe – H1 border.
On М15 timeframe – H4 border.
On М30 timeframe – session border (8-hour).
On H1 timeframe – D1 border.
On H4 timeframe – W1 border.
On D1 timeframe – MN border.
On W1 timeframe – quarter (3-month) border.
Period borders can be enabled/disabled by clicking on BV (BordersVisible), the color of the borders and text can be selected in the BordersColor input, the font size of the text displayed above the borders can be set up in BordersFontSize.
In addition, the volume level can also appear on the penultimate candlestick, provided that the volume of this candlestick is greater than the volume of the preceding candlestick. But this level will only continue to exist if the volume of the current candlestick is lower than of the penultimate one. This level is additionally marked with * displayed in its name, e.g."*D1" or "*H4-Demand" so that we can understand that this level is only preliminary and can disappear.
Apart from supply and demand levels, the indicator finds target levels – TFD (Target For Demand) and TFS (Target For Supply). A target level for a demand one is the nearest level located to the left and above and not broken upwards. A target level for a supply one is the nearest level located to the left and below and not broken downwards. Target levels may coincide with supply and demand ones. In that case, they are labeled Demand&TFS or Supply&TFD.
Changed the design of the indicator control buttons, therefore added new color variables:
ButtonsColor – background of the control buttons,
ButtonsTrueTextColor – text color of the active button,
ButtonsFalseTextColor – text and border color of the inactive button.
Added new button – SV (Surround View), in this mode the levels gain a volumetric appearance and seem to rise above the chart.
The volume level receives Demand status if the closest volume level located above and to the left has been broken through upwards.
The volume level receives Supply status if the closest volume level located below and to the left has been broken through downwards.
The level status appears, changes, or remains unchanged only at the opening of a new candle of the timeframe it belongs to.
Overlaying of the same-status volume levels from different timeframes provides a good and accurate entry signal.
Added new button "FL – FixHeight", in this mode the markers have a fixed height in monitor pixels, specified in the MarkersFixHeight input variable.
Added the new inputs:
MarkersFontSize – font size of the marker on a volume level. 0 - hidden. If the level width is less than the specified font size, the marker is automatically hidden as well.
MarkersBorderColor – marker and volume level border color.
Added the new button/function "NL" - Normalization Length. If 'true', the marker length is proportional to the volumes of the candles in the timeframe they belong to. Thus, the markers of higher timeframes become longer for better visibility of the levels. If 'false', the marker length is proportional to the current timeframe volumes.
The main indicator management functions have been moved to the buttons:
MTF – Markers Time Frame, MM – Markers Mode, NM – Nearest Markers, BM – Box Mode.