Float MetaTrader indicator — a sophisticated indicator that analyzes the previous chart history for the given currency pair and then tries to analyze the trends in the current situation. It shows where trends start and end in a separate chart window and Fibonacci retracement levels combined with DiNapoli levels on the main chart. It also displays how long ago the local high and low were detected. This indicator is available for MT4 and MT5.

Input parameters

  • Float (default = 200) — the number of bars to process for trend analysis. The lower is the number means more up-to-date data but less accurate analysis.
  • ObjectPrefix (default = "FI-") — prefix for chart objects for compatibility with other indicators.
  • DisableDinapoli (default = false) — if true, then DiNapoli levels won't be drawn in the main chart window.
  • DisableFibonacci (default = false) — if true, then Fibonacci levels won't be drawn in the main chart window.
  • DrawVerticalLinesAsBackground (default = false) — if true, vertical lines for trend start and end will be set as chart background to avoid concealing the chart itself.

Float indicator example

Float Indicator Example MetaTrader Chart

As you can see, the trend's start and end are marked clearly on the chart with this indicator. You can attach it and wait for the beginning of the next trend and then decide whether to buy or sell. Fibonacci retracement levels can be used for the target and stop-loss levels.

Downloads (ver. 1.01, 2022-03-06)

Float in .zip for MetaTrader 4

Float in .mq4 for MetaTrader 4

Float in .zip for MetaTrader 5

Float in .mq5 for MetaTrader 5

Discussion

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

Do you have any suggestions or questions regarding this indicator? You can always discuss Float with the other traders and MQL programmers on the indicators forums.

Changelog

1.01 - 2022-03-06

  • Refactored MQL4 and MQL5 code.
  • Added ObjectPrefix input parameter to make possible adding more than one instance of Float to one chart and to make it compatible with other indicators.
  • Improved calculation performance.

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