average penetration bars
Info
The average penetration bars is a Indicator for MetaTrader 5 that as described by markos katsanos and his article in the june 2018 edition of technical analysis of stocks and commodities magazine. simple moving averageexponential moving averagesmoothed moving averagelinear weighted moving averageand finally : found one idea for calculating the trend that comes from someone that calls himself "vonasi" on the net.
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 average penetration bars
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
as described by markos katsanos and his article in the june 2018 edition of technical analysis of stocks and commodities magazine.
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 Moving Average Dashboard MT5 - Professional EMA SMA Trend Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator - similar indicator with strong performance on MetaTrader 5.
as described by markos katsanos and his article in the june 2018 edition of technical analysis of stocks and commodities magazine.simple moving average
exponential moving average
smoothed moving average
linear weighted moving average
and finally : found one idea for calculating the trend that comes from someone that calls himself "vonasi" on the net. i liked the idea (it is not showing the usual "greater than" or "smaller than" trend) and used it in this indicator too (as an option, so this indicator can calculate the trend the "classical" way as well as that custom way). also, regardless of the indicator name, you can chose to display colored bars as well as colored candles
You may also like: Relative Moving Average (RMA) Indicator for MT5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.