overlay chart modified to not repaint on each bar
Info
The overlay chart modified to not repaint on each bar is a Indicator for MetaTrader 4 that image: modified overlay chart usdjpy vs usdchf (4hr chart)functionthe original overlay chart is used to have two currencies or 2 assets on 1 chart. the relative price of the one currency can be seen in terms on the other currency.
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 overlay chart modified to not repaint on each bar
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
image: modified overlay chart usdjpy vs usdchf (4hr chart)functionthe original overlay chart is used to have two currencies or 2 assets on 1 chart.
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: equity chart modeller - another powerful indicator for MetaTrader 4 traders.
image: modified overlay chart usdjpy vs usdchf (4hr chart)
function
the original overlay chart is used to have two currencies or 2 assets on 1 chart.
Also recommended: albus multi chart 1: advanced chart overlay for metatrader - similar indicator with strong performance on MetaTrader 4.
the relative price of the one currency can be seen in terms on the other currency.for example, on the eurusd chart, using this indicator, the usdchf could be added and the usdchf price will be shown in terms of eurusd price.use
this could be useful for strategies that depend on the convergence or divergence of 2 currencies or assets. some people informally refer to this as 'correlation' or 'arbitrage' or more formally 'co-integration' strategies or 'relative value'.
changes/updates/improvements
the original indicator will re-center its calculation on every bar, and hence the price will keep shifting up and down and so the historical relative values do not remain constant. this indicator was modified so that the 'center' or initial relative reference point stays fixed and does not update each bar. it will only update the initial center point (re-initialize) when the indicator is reloaded or settings are changed. (the indicator does however show the changes of the current prices on the same chart, just to clarify).
this indicator also paints for history far back, while the original does not. i may have also changed one or two other things in the original code, you can find the .
inputsthe set center input is which bar back in the history the indicator should use to be the fixed initial point to compare the 2 currencies or assets.
You may also like: macd indicator on price chart - excellent alternative for indicator users on MetaTrader 4.
Source Code
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⚠ 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.