Absolute Strength Market Indicator
Info
The Absolute Strength Market Indicator is a Indicator for MetaTrader 5 that this indicator accurately defines six market states:bull marketbear marketcorrection in a bull marketcorrection in a bear market (bear market rally)choppy marketflat market (sideways market)to define market forces, three calculation methods are employed: , and. By adjusting the length, presmooth, smooth, signal, and ma_mode parameters, you can fine-tune the calculation accuracy to your needs.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Absolute Strength Market 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 accurately defines six market states:Bull MarketBear MarketCorrection in a Bull MarketCorrection in a Bear Market (Bear Market Rally)Choppy MarketFlat Market (Sideways Market)To define market forces, three calculation methods are employed: , and.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.
This indicator accurately defines six market states:Also recommended: Volume Strength Compass by Bhanu Code Lab - similar indicator with strong performance on MetaTrader 5.
Bull Market
Bear Market
Correction in a Bull Market
Correction in a Bear Market (Bear Market Rally)
Choppy Market
Flat Market (Sideways Market)
To define market forces, three calculation methods are employed: , and . By adjusting the length, presmooth, smooth, signal, and ma_mode parameters, you can fine-tune the calculation accuracy to your needs. Note that the signal line period (signal) starts from 1, utilizing the previous bar's bulls and bears values.
The indicator incorporates a specialized algorithm for high timeframes, enabling the display of multiple indicators in a single subwindow for different timeframes, as illustrated in the image.
Additionally, setting alertmode=1 enables alerts that notify you of changing market conditions.
You may also like: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_separate_window
#property indicator_buffers 16
#property indicator_plots 6
#property indicator_label1 "bull market"
#property indicator_type1 draw_arrow
#property indicator_color1 deepskyblue
#property indicator_width1 4
#property indicator_label2 "bear market".......
⚠ 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.