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My First Histogram Indicator for MT5

October 31, 2009 (Last updated on January 25, 2018) by

I’ve converted my first histogram MetaTrader indicator from MQL4 to MQL5. It’s a Fisher indicator. I was asked by one of the site visitor to make it my next conversion. As this indicator looks quite popular (5th place with more about 500 downloads monthly), I’ve gave it a try. The Fisher’s code is quite short and is relatively simple. There were not too many differences in MQL5 code compared to MQL4. The biggest problem was the ArrayMaximum() function, which had wrong help file in MQL5. The timeseries arrays again were quite confusing in MQL5, with High and Low going like in MT4, and indicator buffers going in the opposite direction. Anyway, I like the result, as the code now looks much cleaner and is easier to understand. For traders — both versions should work the same. Once again, I should warn all Forex traders that this indicator repaints and thus can’t be considered a holy grail (though, it may look like one).

You can get the code of MT5 version or read more info about the indicator.

If you find some bugs in this Fisher MT5 indicator or want to make a suggestion regarding its functionality or what should be my next MT4->MT5 conversion, please use the commentary form below.

2 Responses to “My First Histogram Indicator for MT5”

  1. Sven


    thanks for the MT5 Fisher indicator.
    But: Why is it repainting?
    Could you make it non-repainting?
    Or is this because the math of old candles changes with every new candle?

    Best Regards, Sven


    Andriy Moraru Reply:

    Yes, it looks at the new candles and repaints the old ones. If it is made not to repaint it would offer no analytical help, which it currently does offer; it would still lack any predicting power (which it currently lacks too).


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