Halifax
This tool for MetaTrader 4 is specifically engineered to streamline your trading operations. 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 Halifax
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
Attached is a trend estimator (similar to a BB) developed to address the problem of the delay inherent in the usual averaging techniques. Regular averages give you information relating to events at 1/2 the averaging length in the past. It uses an algorithm similar to what one probably finds in the MT STD channel (fitting a straignt line over a fixed number of periods), and outputs the last point as well as 2 deviation channels, the width of which is set by the user. Note:
1)
I am new to MQL4 programming
(though not to programming in general),
so there may be code errors or ways to optimize the code
. If so, please let me know (& I'll fix them) or post it back.2) I use geometric averaging rather than linear averaging, which you can change in the function "get_avg" if you like. I like the former as it is less sensitive to excusions.3)I have found (for my own use) it works best on the hourlies over 5 days (120 pts) or the 4 hourlies over 20 days (120 points).4)The deviation channels are not STD channels, as the deviation above and below the trend are calculated separately and maybe not all that correctly (my forte is math, not stats, alas...).
