Simple Arrow Indicator
Info
The Simple Arrow Indicator is a Script for MetaTrader 4 that simple arrow indicatorthis indicator is based on a moving average concept and was adapted from the "325 golden strategies" collection. While it shares some similarities with other indicators, this version is distinct in its construction.
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 Simple Arrow 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
Simple Arrow IndicatorThis indicator is based on a Moving Average concept and was adapted from the "325 Golden Strategies" collection.
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: arrows and curves ea - another powerful script for MetaTrader 4 traders.
Simple Arrow IndicatorThis indicator is based on a Moving Average concept and was adapted from the "325 Golden Strategies" collection. While it shares some similarities with other indicators, this version is distinct in its construction.
Also recommended: robot arrows rest - similar script with strong performance on MetaTrader 4.
Trading Strategy Rules:
Buy Signal:
The closing price Moving Average (MA) calculated over an 'x'-day period must be higher than the same MA calculated 'y' days ago.
The current closing price must be lower than the closing price 'y' days ago.
The current closing price must be higher than the closing price 'y+x' days ago.
If all three conditions are met, a buy order is placed at the next day's opening.
Additionally, the closing price must be lower than the opening price, indicating a bearish candle.
Sell Signal:
The closing price Moving Average (MA) calculated over an 'x'-day period must be lower than the same MA calculated 'y' days ago.
The current closing price must be higher than the closing price 'y' days ago.
The current closing price must be lower than the closing price 'y+x' days ago.
If all three conditions are met, a sell order is placed at the next day's opening.
Additionally, the closing price must be higher than the opening price, indicating a bullish candle.
Example:
If x=20 and y=3, the 20-day MA must be increasing (higher than 3 days ago). The current closing price should be lower than the closing price from 3 days ago, suggesting a potential pullback before entry. Finally, the current closing price must also be higher than the closing price from 23 days ago (y+x), confirming an upward trend in the Moving Average. This method continues until a reversal signal appears or the market moves significantly against the position without a reversal signal.
Figure 1: Indicator Settings.
Figure 2: Indicator display with the specified settings.
You may also like: simple open order script with simple money & trade management feature - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.0"
#property strict
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Aqua
#property indicator_color2 Magenta
extern int period = 2; //MA period
extern ENUM_MA_METHOD method = MODE_SMA; //MA method.......
⚠ 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.