Download ALL MT4 indicators (1640)
Similar MetaTrader Tools
variance
Info
The variance is a Indicator for MetaTrader 4 that welford’s method for computing variance (published here : ) is using single pass method for calculation, but it is still using a loop. this method is avoiding loops after initial values are set up and that makes it much faster and suitable for usage where speed of execution is a must.
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 variance
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
welford’s method for computing variance (published here : ) is using single pass method for calculation, but it is still using a loop.
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: variance - another powerful indicator for MetaTrader 4 traders.
welford’s method for computing variance (published here : ) is using single pass method for calculation, but it is still using a loop.
this method is avoiding loops after initial values are set up and that makes it much faster and suitable for usage where speed of execution is a must.
Also recommended: Advanced ADX Indicator - similar indicator with strong performance on MetaTrader 4.
ps: if you compare it to welford's method, there will be a difference. that is coming from a fact that welford's method is using sample correction, while this method is not - the difference is small, and if you are used to using built in indicators using any sort of standard deviation (apart from std, bollinger bands, ...) then compare it to this one, but if you are calculating values that are ranging very much (some values are very different that the standard sample values) then use welford's methodYou may also like: updated meta neural dashboard - excellent alternative for indicator users on MetaTrader 4.
Source Code
/.......
⚠ 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.