Float

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 the trends' beginnings and ends in a separate chart window and the Fibonacci retracement levels combined with the 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 amount of bars to process for trend analysis. The lower is the number the more current the data will be but the less accurate the analysis will be.
• use_fibos (default = 1) — if 1 then Fibonacci retracements will be drawn on chart. If 0 then Fibonacci retracements won't be drawn on chart.
• Backtesting (default = 0) — doesn't affect anything.

As you can see, the trend's beginning and the 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:

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:

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.