Volatility Scanner
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. 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 Volatility Scanner
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
Volatility Scanner
in very raw form for number of currency pairs.
Descritpion:
Indicator shows volatility starting from actual candle on the right side (next to the symbol) to older candles left from actual.
There are 2 numbers for each candle.
Left number is body size/ average body size calculated of 100 previous candles.
Right number is high-low size/ average high-low size calculated of 100 previous candles.
Lower volatility is marked with color.
Blue color means that body size is
lower
than 50% of average body and at the same time the high-low size is
bigger
than 50% of average high-low size.
Red color means that body size is
lower
than 50% of average body and at the same time the high-low size is
lower
than 50% of average high-low size.
You can change number of candles shown and size of the text.
Usage:
Can indicate uncertainty or possible swing points (doji bar) .
