Got another MT4-only indicator converted to a full compatibility with MT5 today (now there are only 5 indicators left to be converted, counting those that I am not going to convert at all). It’s the Float indicator, which can be used to detect trends, their strength and to show the trend-based Fibo and DiNapoli Levels. It’s a huge indicator from the MQL coder’s point of view. It deals with a lot of chart objects and that should have been updated to comply with the new object-dealing standards of MT5. Fortunately, the conversion also resulted in some principal improvements of the indicator. So, if you analyze your charts using MetaTrader 5 platform I recommend using Float for MT5 as a great and reliable tool. Here are some new features of the converted version:
* Standard MetaTrader description for indicator.
* Removed tons of unnecessary code and variables.
* Improved structure of the code. Now it’s easier to upgrade the indicator.
* Faster execution due to moving huge pieces of code out from under the for-cycles.
You can get the code of the MT5 version or read more info about this trend indicator.
Drawing trend lines is one of the few easy techniques that really WORK. Prices respect a trend line, or break through it resulting in a massive move. Drawing good trend lines is the MOST REWARDING skill.
ReplyDeleteThe problem is, as you may have already experienced, too many false breakouts. You see trend lines everywhere, however not all trend lines should be considered. You have to distinguish between STRONG and WEAK trend lines.
One good guideline is that a strong trend line should have AT LEAST THREE touching points. Trend lines with more than four touching points are MONSTER trend lines and you should be always prepared for the massive breakout!
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Chart patterns such as "Triangles, Flags and Wedges" are price formations that will provide you with consistent profits.
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