std score
Info
The std score is a Indicator for MetaTrader 4 that an oscillator that duplicates the chart of a selected asset in a separate window in three ways: line, bars and candles. this is essentially an indicator bollinger bands, displayed in a separate window.
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 std score
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
an oscillator that duplicates the chart of a selected asset in a separate window in three ways: line, bars and candles.
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: aggregate z-score indicator - another powerful indicator for MetaTrader 4 traders.
an oscillator that duplicates the chart of a selected asset in a separate window in three ways: line, bars and candles. this is essentially an indicator bollinger bands, displayed in a separate window. in my opinion, it will be useful for beginners as a way to look at various technical signals from a different angle. this indicator helped me in an adviser for filtering unfavorable moments for trades.
Also recommended: michelangelo - similar indicator with strong performance on MetaTrader 4.
calculation of a standard assessment and its conclusion in the form of candles.formula:
μ - moving average
σ - is the standard deviation
important features:
the last candle (current candle) can be indicator redrawn strongly, especially at the beginning, this is a feature of the calculation formula
сhecking the accessibility of history is not carried out, which is especially true when using a symbol other than the current
parameter description
ways of interpretation:
1. when you hold a trade and it is in the positive zone, moving the indicator values from 2 to 4 indicates a likely local rebound soon, so you should think about fixing a position if your trade is designed for short movements.
2. confirmation signalas of breakout trading ranges, as well as the provision of early signals for transactions.
if you find more interesting examples of how to work with this indicator, write to me, i will be happy!
You may also like: liquidity do l mapper mt4 - ic t targets - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property strict
#property indicator_separate_window
#property indicator_buffers 11 // the first buffer is for the value, other 10 are for candle drawing
#property indicator_color1 clrroyalblue // value
#property indicator_color2 clrlimegreen // bullbody
#property indicator_color3 clrlimegreen // bullbody2
#property indicator_color4 clrred // bearbody
#property indicator_color5 clrred // bearbody2.......
⚠ 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.