karpenko: fibonacci, sma, and atr trend indicator
Info
The karpenko: fibonacci, sma, and atr trend indicator is a Script for MetaTrader 4 that description:this indicator combines three components: simple moving average (sma), average true range (atr), and the fibonacci multiplier 1. 618.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use karpenko: fibonacci, sma, and atr trend indicator
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
description:this indicator combines three components: simple moving average (sma), average true range (atr), and the fibonacci multiplier 1.
Typical Use Case
This Script excels in trend following on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: Camel Modify Script for MT4/MT5 - another powerful script for MetaTrader 4 traders.
description:this indicator combines three components: simple moving average (sma), average true range (atr), and the fibonacci multiplier 1.618.
Also recommended: i-profit Indicator - similar script with strong performance on MetaTrader 4.
when the price crosses the moving average from bottom to top, a target line is drawn. this line is calculated by adding 1.618 * atr to the moving average. if the price reaches this line, the next target is calculated as 1.618 * (1.618 * atr) added to the moving average, and so on.
for prices below the moving average, a similar mirrored calculation is applied.
the indicator has two configurable variables: basic_ma (period for sma) and history.
it is designed to effectively identify market trends across all timeframes and financial instruments.
indicator properties:
- does not repaint.
- facilitates the identification of recurring market patterns.
- effectively marks levels where market volatility, even during significant news events, tends to subside.
- when a new target line appears, the market often reverts to the previous one.
- a unique feature is that lines from smaller timeframes consistently align with lines on larger timeframes at any given moment. this makes the indicator independent of timeframes, similar to price itself, evoking the principles of livermore and providing a complementary target-based outlook alongside price action.
illustrations:
attached are charts showing the movement of the euro currency pair on various timeframes at the current time.
You may also like: program for controlling testing and optimization - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 green
#property indicator_color2 saddlebrown
double karpenko_up[], karpenko_dw[];
extern int basic_ma = 144, history = 300;.......
⚠ 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.