Averages composite trend
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Averages composite trend
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.
Description & Settings
Definition:
The indicator is taking a series of averages and calculates differences between the fastest of the specified and the rest. The result is taken as a trend.
You can use (theoretically) up to 256 averages for compositing the trend. But in practice, due to limitation of parameter input length, it depends what periods are you using how many periods are you going to be allowed to enter in the periods parameter. The periods are to be entered separated by ";". Default periods used are "10;15;20;25;30;40;50;60" but you can use any periods you wish and you can enter them in any order (the code will take care of the rest).
The averages that can be used are the standard average types:
simple moving average (SMA)
exponential moving average (EMA)
smoothed moving average (SMMA)
linear weighted moving average (LWMA)
Usage:
The indicator is showing color changes based on slope and zero line cross. Either of those can be used as signal(s).
