Archive

During my searches, I’ve encountered several MetaTrader indicators capable of detecting Pinbars on the chart. Some of them can be found here: http://www.earnforex.com/forum/f12/random-indicators-8052/ and here: http://www.earnforex.com/forum/f12/pinbar-indicator-8377/. Unfortunately, they all have disadvantages — lack of customization parameters and even outright detection bugs. That’s why I’ve decided to create my own Pinbar …

3rd Generation Moving Average was added to the list of the Forex indicators on my site today. It’s built according to the principles laid out by Dr. Manfred Dürschner and offers the least possible lag, preserving the price smoothing property of the MA. This indicator has already been coded before me, but …

Total Power Indicator is the latest addition to the MetaTrader indicators list on EarnForex.com. I’ve got the idea of this indicator from the June issue of the Currency Trader magazine. In short, this indicator uses Bull Power and Bear Power standard indicators to produce a more long-term perspective of the current market situation. …

If you want some help in determining the current trend direction for your trades, then my new Dots indicator is for you. It’s based on NonLagDot MetaTrader indicator. Unfortunately, the original indicator is prone to repainting its previous chart arrows based on the new data and thus isn’t a good …

Today, I present an improved version of my CandleWicks indicator. From being a simple alert script it becomes a more or less real indicator with some on-chart display. By the request of one of our forum users, I’ve coded a candle wicks length display feature for this indicator. It will show …

Chester Keltner developed his own version of the ”bands” indicator more than 50 years ago. Keltner Channel is an interesting and rather popular indicator, but, unfortunately, it’s not in the list of the standard MetaTrader indicators. I’ve found a basic implementation of the Keltner Channel for MT4 coded by some “Gilani” and used …

Few days ago a member of our Forex forum has asked for an EA (he actually meant an indicator) that would notify him by e-mail whenever a candlestick closes with a wick (shadow) exceeding a certain length. I couldn’t find such an indicator on-line and decided to code one myself. Since it doesn’t …

Doug Schaff developed an interesting cyclical indicator for Forex trading several years ago. In 2008 he’s made it public. He presented a code of the indicator written for TradeStation EasyLanguage. Unfortunately, until now there weren’t any correctly converted versions for MetaTrader. I’ve found several variants …

I’m currently reading Tom DeMark’s The New Science of Technical Analysis and I’ve encountered a description of an interesting indicator there — Range Expansion Index. Tom explains it in details but the explanation is rather confusing. Fortunately, it’s accompanied with some strange piece of code (for the Logical Information Machine…

I’ve always wondered why some traders choose to use moving average calculated on Close, some on Open, some on High and some on Low. The resulting curves can be quite different and its difficult to decide which one is better for analysis. Moving Average Candlesticks solves the problem by displaying the moving average …