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Monex Indicator
Info
The Monex Indicator is a Indicator for MetaTrader 4 that the monex indicator is a powerful tool that combines the weighted close (hlcc/4) candlestick bar with a zigzag indicator, providing traders with a unique visual representation of market trends and potential reversal points. This indicator has been updated and enhanced over the years, with the latest version released in 2026.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Monex Indicator
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.
What this tool does
The Monex Indicator is a powerful tool that combines the weighted close (hlcc/4) candlestick bar with a zigzag indicator, providing traders with a unique visual representation of market trends and potential reversal points.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Range Filter Buy and Sell Indicator for MT4 with Signal Statistics - another powerful indicator for MetaTrader 4 traders.
The Monex Indicator is a powerful tool that combines the weighted close (hlcc/4) candlestick bar with a zigzag indicator, providing traders with a unique visual representation of market trends and potential reversal points.Also recommended: Quantum Apex Color Indicator - similar indicator with strong performance on MetaTrader 4.
This indicator has been updated and enhanced over the years, with the latest version released in 2026. The update includes an option to display arrows, indicating the direction of price movement, which can be toggled on or off as needed.
Additionally, minor adjustments have been made to the candle formula, ensuring a more accurate and reliable representation of market data.
Key Features:
- Weighted Close Candlestick: Provides a clear view of price action by averaging the high, low, close, and current prices.
- Zigzag Indicator: Identifies potential trend reversals with precision, helping traders make informed decisions.
- Customizable Arrows: Traders can choose to display arrows, indicating the direction of price movement, for a more intuitive trading experience.
The Monex Indicator is a valuable addition to any trader's toolkit, offering a comprehensive and visually appealing way to analyze market trends and make strategic trading decisions.
You may also like: Mistral Trend Candles Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "2.00"
#property strict
/* last update (update_01 ~ 2015-07-30).......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.