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TzPivots - display the pivot points and support and resistance lines

1 comments 5:23 PM Posted by Unknown

TzPivots MetaTrader indicator — should be attached to the H1 or lower timeframe chart. This indicator will display the pivot points and support and resistance lines for the intraday trading. It calculates them by its own formula based on the previous trading session. You can use the resulting lines as entry and exit points. The indicator also outputs all the data into the MetaTrader global variables, which can be accessed by any expert advisor on the terminal. TzPivots is available for MT4 and MT5.

Input parameters:

  • LocalTimeZone (default = 0) — the timezone of your MT4 or MT5 server. For example, if your server is in New York you should set this parameter to -5.
  • DestTimeZone (default = 0) — the timezone of the trading session you are using to trade in. For example if you trade in London set this parameter to 0.
  • Other parameters — modify the visual representation of the lines. Don't change them.






If you are acquainted with the pivot points and support and resistance lines using this indicator will be easy for you. The central pivot line bears a very high chance of reversal. The support and resistance lines become less strong the farther they are from the central pivot line. The weaker the line is the easier it is to break.

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BB MACD MetaTrader indicator

0 comments 5:15 PM Posted by Unknown

BB MACD MetaTrader indicator — is a basic MACD (Moving Average Convergence Divergence) indicator variation, which helps in detecting the trend change points and measuring the current trend's strength. The indicator is drawn in the separate window on the chart and consists of two lines (blue and red) and the dots, which can be either green or magenta. The change of the dots' color is a good signal provider, while the width of gap between the two lines indicates the strength of the current trend. This indicator is available for MT4 and MT5.

Input parameters:

  • FastLen (default = 12) — the period of the fast moving average (the one with the lowest period), which is used in this indicator's dots calculations.
  • SlowLen (default = 26) — the period of the slow moving average (the one with the highest period), which is used in this indicator's dots calculations.
  • Length (default = 10) — the period of the moving average and the standard deviation indicators that are used in this indicator's lines calculations.
  • barsCount (default = 400) — the maximum amount of bars on the chart to apply these calculations to (not an important parameter).
  • StDv (default = 2.5) — weight multiplier for the standard deviation indicator in its part in the calculations compared to the moving average.






As the chart example suggests, the signals to buy are when the magenta dots turn into the green ones and the signal to sell is when the green dots become magenta. Trading is better to be performed when both blue and red lines are rather wide.

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Market Profile

1 comments 5:14 PM Posted by Unknown

Market Profile MetaTrader indicator — is a classic Market Profile implementation that can show the price density over time, outlining the most important price levels, value area and control value of the daily trading session. This indicator can be attached to M5, M15 and M30 charts and will show the Market Profile for the daily sessions. Although M5 timeframe offers higher precision, M30 timeframe is recommended due to its better visibility. Three different color schemes are available to draw the profile's blocks. This indicator is based on bare price action and doesn't use any standard MetaTrader indicators. It's available for both MetaTrader 4 and MetaTrader 5 platforms.

Input parameters:

  • StartFromDate (default = '') — if StartFromToday is false then the indicator will start drawing profiles from this date. It draws to the past. For example, if you set it 2010.07.20 and DaysToCount is 2 then it will draw the profiles on 2010.07.20 and 2010.07.19.
  • StartFromToday (default = true) — if true then the indicator starts drawing from today, else — from the date in StartFromDate.
  • DaysToCount (default = 2) — for how many daily sessions to draw the market profiles.
  • ColorScheme (default = 0) — color scheme for profile's blocks:
    • 0 — blue to red.
    • 1 — red to green.
    • 2 — green to blue.
  • MedianColor (default = White) — color of the control value (median).
  • ValueAreaColor (default = White) — color of the value area border.

The chart screenshot shows Market Profiles calculated and displayed for two daily Forex trading sessions. The timeframe is M30 and the second daily session is still in progress. The earliest prices are blue and the latest prices are red. The medians and the value areas are marked with the white lines and display the most important price areas. Traders tend to return to those areas if the volume of the breakout movement isn't too high. High-volume breakout out of these areas signifies a real breakout. You can read more about Market Profile in this short e-book: Book on Market Profile.

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Pattern Recognition Master MetaTrader indicator

0 comments 5:07 PM Posted by Unknown

Pattern Recognition Master MetaTrader indicator — the kind of indicator that helps you with the routine work, marking the candlesticks on the chart with the names of the corresponding patterns (like doji or shooting star) where applicable. All you have to do is just to look if this chart pattern is bullish or bearish, check the general trend and decide your trading stance. You can refer to this list of Japanese candlestick patterns to quickly find the signal value of the recognized pattern. This indicator is available for both MT4 and MT5 versions of the platform.

Input parameters:

  • Show_Alert (default = true) — if set to true, shows the alerts when certain pattern is detected.
  • UseExtraDigit (default = false) — set it to true if your broker uses extra digit (pip) in the quotes.
  • Other parameters — turn on and off display of various patterns. It's not recommended to change them.




First, you should understand that this indicator only indicates the patterns. You see the symbols near the candlesticks and you see the legend for the symbols in the upper left corner of the screen. Second, you need to know how these patterns work and when one signals for short position and signals for long. For the experienced Japanese candlestick patterns traders it's a really helpful tool, for many other traders — it may prove useless.

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