Temporary Fair Value Indicator
Info
The Temporary Fair Value Indicator is a Indicator for MetaTrader 4 that this indicator visualizes the core price activity within each candle, indicating where the majority of trading occurred. Unlike standard candles, Temporary Fair Value (TFV) pinpoints this 'fair price' with a single dot, revealing the trading trenches.
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 Temporary Fair Value 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
This indicator visualizes the core price activity within each candle, indicating where the majority of trading occurred.
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: dynamic fair value gap indicator for metatrader 4 - another powerful indicator for MetaTrader 4 traders.
This indicator visualizes the core price activity within each candle, indicating where the majority of trading occurred. Unlike standard candles, Temporary Fair Value (TFV) pinpoints this 'fair price' with a single dot, revealing the trading trenches.Also recommended: fair value gaps - similar indicator with strong performance on MetaTrader 4.
Parameters:
- exponential: If set to 1, all ticks have equal weight. If set to 2 or higher, more recent ticks receive greater weight, emphasizing the latest price action.
- wingding: Represents the indicator's dot.
Useability:
- Algorithmic Trading: Useful for trading robots to prevent false signals triggered by single, insignificant price spikes.
- Support and Resistance: Straight or nearly straight TFV lines can indicate levels of support and resistance.
- Swing Points: Provides a more reliable indicator for identifying swing highs or swing lows.
This indicator helps traders understand the concentration of trading activity within a given timeframe, offering insights into potential support, resistance, and market sentiment.
You may also like: cross indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 white
extern int exponential = 2;
extern int wingding = 108;
double tfv[];
bool start = true;
int asktiks;.......
⚠ 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.