Another Symbol
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Another Symbol
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
In some cases, it is necessary to display quotes of another financial instrument (hereinafter - the symbol) or timeframe withing the window of the current chart. An example of this necessity: between the quote charts of two symbols.
The solution to this problem is available in a variety of options, up to the display of the chart of a different symbol. In this case, however, it will be limited to the display of a simple line, which is one of the four characteristics of the candlestick of another symbol: the opening price, closing, high or low.
The Another_Symbol indicator displays the data of another symbol in the subwindow of the current chart. The symbol name is specified in the "Symbol" parameter. In addition, it is possible to specify the desired timeframe (the "Chart period" parameter) and the price of one of the candles (the "Price" parameter). To extend the functionality, the "Price" parameter contains options for the calculation of the average price of candles (Median), typical (Typical) and weighted (Weighted Close) prices.
A simple example of the indicator operation - display of the closing price of GBPUSD symbol on the chart of the EURUSD symbol.
The simplicity of the indicator lies in the fact that it does not synchronize the charts. Data is output by the bars indexes, not by time. That is, if for any of the bars of the current chart there is no corresponding bar of the other symbol, there the data from the adjacent (earlier of later) bar will be displayed. This problem is not relevant on the higher timeframes, as such bar gaps are rare. But on the lower timeframes, especially on the chart periods like M1, the time lag can be significant.
The flip side of the problem is the advantage: it is possible to display the M15 or even the M5 chart on the H1 chart.
