Close Series
This software component for MetaTrader 5 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 Close Series
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
It is used in combination with the other indicators and prompts exit points on short-term trend trading.
Internal closing (gray line) indicates closing which is located within the range of the previous bar. The series of such closings speak of "creeping" or horizontal movement. The longer the series, the more likely for a breakthrough, respectively, define the point (points) of entry using the other instruments.
External/net closing (purple line) is a closing located above high and below low of the previous bar. Usually the series of the external closings include 3-5 bars and speak of either flat will run, or the price reverse.
Single direction closing (blue line) is a current bar which closes in the same direction as the previous bar. The appearsance of such series speaks that short-term trend is terminated.
Each line's value is the number of bars in the corresponding series.
Recommendations:
It is recommended to use on older timeframes in combination with the other indicators.
When a series of 3-4 external closings appears, close or at least defend the position.
When a series of 4 or more closings appears, close or defend the deal.
It is important: series of external and single directed bars are not the signals of reverse, but they testify of a current short-term trend termination.
