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Peak and Valley Indicator
Info
The Peak and Valley Indicator is a Script for MetaTrader 4 that this script identifies and displays peaks and valleys within a specified period. The indicator visually marks these significant turning points on the price chart, helping traders to better understand market trends and potential reversals.
Usage
This tool is typically used for enhancing chart analysis and decision making.
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 Peak and Valley 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
This script identifies and displays peaks and valleys within a specified period.
Typical Use Case
This Script excels in automated trading and technical analysis 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: Delete All Pending Orders in a Row - another powerful script for MetaTrader 4 traders.
This script identifies and displays peaks and valleys within a specified period.Also recommended: export summary grouped by symbols (mt4) - similar script with strong performance on MetaTrader 4.
The indicator visually marks these significant turning points on the price chart, helping traders to better understand market trends and potential reversals.
By analyzing price action over a defined lookback period, the Peak and Valley indicator assists in identifying key highs and lows that can be crucial for making informed trading decisions.
Key Features:
- Automatic identification of peaks and valleys.
- Visual representation on the chart.
- Customizable period for analysis.
- Helps in trend identification and potential reversal points.
You may also like: xi t buy sell auto stoploss - stoploss set from fractal levels with money management risk/reward - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property show_inputs
input int peakvalley_period=24;
void onstart()
{
double peakbuffer[],valleybuffer[];
double fastshift=normalizedouble((peakvalley_period/3),0);
double pvdomain=peakvalley_period*5;.......
⚠ 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.