Clear Method
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. 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 Clear Method
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
This indicator is based on the article: Getting Clear With Short-Term Swings by Ron Black
To set up colored candle charts:
Switch to Line Chart;
in Chart Properties window, set Line Chart Color to None (the entire price graph will disappear);
Copy the ClearMethod.mq4 file to the Indicator directory, it will be used by iCustom();
Add ClearMethodCandles1 (this must be the first), then ClearMethodCandles2 to the chart;
If you use black backgrounded chart, set IsBlackChart parameter to true for both indicator.
The histogram shows the distance from the actual switching threshold.
Signals (ClearMethodSignals.mq4):
Clear signal(x): breaking Clear Line (candles change color here)
Move signal(arrow): Clear Line moves again after flat (see image below)
Alert: after a closed bar signal, at the first tick of next bar
The drawings and the alerts can be separately switched off.
Image:
