This oscillator duplicates the chart of a selected asset in a separate window in one of three ways: line, bars and candles. It is essentially an indicator similar to Bollinger bands, displayed in a separate window. This indicator is useful for beginners as a way to look at various technical signals from a different angle.
Calculation of a standard assessment and its conclusion in the form of candles.
μ – moving average
σ – is the standard deviationImportant features:
The last candle (current candle) can be indicator redrawn strongly, especially at the beginning, this is a feature of the calculation formula, сhecking the accessibility of history is not carried out, which is especially true when using a symbol other than the current.
|Symbol||simbol, an empty value is the current simbol|
|Reverse||reverse indicator values|
|Applied price||estimated price. By default, Median Price (HL / 2) is used as the least prone to redrawing|
|Value and line price||type of chart: Line, Bar – High/Low price, Candlestick|
|Bull color||color of the bull candle / bar|
|Bear color||color of the bear candle / bar|
|Background color||background color|
|Body width||thickness of the body of the candle; 0 – auto detect, 1 – body is hidden|
|Maximum bars||maximum number of bars displayed. If 0 – no limit.|
|Shift||shift of the indicator values|
Ways of interpretation:
1. When you hold a trade and it is in the positive zone, moving the indicator values from 2 to 4 indicates a likely local rebound soon, so you should think about fixing a position if your trade is designed for short movements.
2. Confirmation signals of breakout trading ranges, as well as the provision of early signals for transactions.
HOW TO INSTALL METATRADER INDICATORS ON MT4
Installing indicators on MT4 comes down to:
- Downloading the files (.ex4 and .mq4 formats) – Right click the download button and Save link as…
- Placing them in the MT4 “Indicators” Data Folder
- Closing and re-starting your MT4 terminal
- Dragging you indicator from the Navigator to the Forex Chart
Downloading the indicator.
Download and prepare the MT4 indicator file(s) so they are ready to go on your computer. (Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex4 and .mq4 files).
Go back to your Metatrader 4 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT4 program:
Placing them in the MT4 “Indicators” Data Folder.
Go to the “MQL4” folder and the “Indicator” subfolder and open the folder.
Drag or copy and paste the custom indicators files to the “Indicators” subfolder.
Restart the MT4 program. When MT4 loads again, you should see your custom indicator added to the directory in the navigation window.
Go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.
For a video on how to install you MT4 indicators please visit our Youtube channel.
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