bs i
Info
The bs i is a Indicator for MetaTrader 5 that fxborgbounce strength indicator (bsi) shows the strength of bounce according to the wyckoff method. after a move higher, the stock moves into a flat consolidation with a clear support level.
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 bs i
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
fxborgbounce strength indicator (bsi) shows the strength of bounce according to the wyckoff method.
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 Account Health Monitor MT5: Professional Account Health and Risk Monitoring - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora Trading Session Monitor MT5: Professional Market Session and Activity Analysis - similar indicator with strong performance on MetaTrader 5.
fxborgbounce strength indicator (bsi) shows the strength of bounce according to the wyckoff method.
after a move higher, the stock moves into a flat consolidation with a clear support level. chartists should watch action closely as prices approach support level. a high volume surge off support, also known as a springboard, is the first sign that the bigger uptrend is set to continue and a consolidation breakout is imminent.
how to measure the strength of bounce?
strength of bounce up from lows:
strength of bounce down from highs:
my measuring method means the following:
the greater the rise from lower position, the stronger the buying pressure.
the greater the fall from higher position, the stronger the selling pressure.
this idea is simple, but it can become a leading indicator of the range breakout. it will work only within range.
display:
plus histogram — shows the bounce strength up from lows;
minus histogram — shows the bounce strength down from highs;
middle line — average of difference between plus/minus.
originally this indicator has been written in mql4 and was first published in the on 04.02.2016.
figure 1. the bsi indicator
You may also like: Quantora Symbol Information Dashboard MT5 - Professional Symbol and Trading Specifications Panel - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#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 indicator_separate_window
#property indicator_buffers 4
#property indicator_plots 3
#property indicator_type1 draw_histogram
#property indicator_color1 clrteal
#property indicator_style1 style_solid.......
⚠ 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.