BS Living Now
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 BS Living Now
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
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The BS Living Now indicator points at the market extremums and somewhat resembles the standard Fractals indicator.
If you are not familiar with the Fractals by Bill Williams, you can easily find them in the standard set of
indicators
in virtually any trading platform, Once you attach them to your chart, you can immediately observe the similarity of these two
indicators
.
But despite the fact that the
indicators
are similar, they are essentially different, as different filters are applied in both of these
indicators
during the determination of extremums on the chart.
In addition, the
BS Living Now
indicator features the ability to customize the filter, which will pick more or less extremums and mark them, while the standard Fractals
indicator
has no options of adjusting them or to change something, as they are clearly subject to a strict formula, which is described in one of the books by the aforementioned Bill Williams.
Indicator input parameters:
The greater the
iPeriod
parameter, the fewer extremums will be displayed on the chart. And conversely, the smaller the parameter, the greater will be the number of extremums marked. Therefore, before using this
indicator
in your trading, it is better to select the most optimal parameter for the currency pair.
Application in trading:
The
indicator
should be treated as an assistant, which marks important levels on the chart. And if you view some history, then you would notice that every new peak is higher than the previous during uptrends and lower than the previous during downtrends.
This means that when determining the correct trend and using
the BS Living Now indicator
, not only you can correctly determine the entry point, but also add to the existing position during breakouts of each subsequent extremum.
In addition, a good money management can be applied to such a strategy, i.e. open the first deal with a large lot, and each consecutive with a smaller one. Thus, in case of a sudden reversal, you get a loss from deals with a small volume and profit from deals with large volume, which increases the possibility to close the deal in profit.
Fig.1. The BS_Living_Now indicator
