Temporary Fair Value
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 Temporary Fair Value
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
Where is the herd of Bulls and Bears within the candle? A candle does not show where most of the activity has been during the candle's timeframe. TFV does.
TFV shows with 1 dot where the trenches are. TFV shows the core of each candle: the Fair Price.
Parameters are:
Exponential – if set to 1, every tick weighs equal, if set to 2 (or higher), the most recent tick weighs double (or more), to emphasize the most recent price positions.
WingDing – the dot.
Useability
It can be used by robots that act OnTick, to avoid unwanted actions on a single and non-signifcant spike.
Indicator for Temporary Fair Value.
Straight or near straight TFV-lines reveal support and resistance lines.
More reliable indicator for a swing high or swing low.
