Coefficient of Line Indicator
Info
The Coefficient of Line Indicator is a Indicator for MetaTrader 5 that the coefficient of line indicator predicts the most likely future price direction for the next 2-3 bars. The indicator's behavior is influenced by the symbol, timeframe, and period.
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 Coefficient of Line Indicator
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
The Coefficient of Line Indicator predicts the most likely future price direction for the next 2-3 bars.
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: Mediana Trendline: MTF Parallel Channel Indicator - another powerful indicator for MetaTrader 5 traders.
The Coefficient of Line Indicator predicts the most likely future price direction for the next 2-3 bars.Also recommended: AIS Smoothed Linear Trend Indicator - similar indicator with strong performance on MetaTrader 5.
The indicator's behavior is influenced by the symbol, timeframe, and period.Trading Signals:
- Long Position Entry: When the indicator turns upwards, it signals a potential long entry.
- Long Position Exit: A long position should be closed when the indicator turns downwards, confirmed by negative values on a lower timeframe.
- Short Position Entry: When the indicator turns downwards, it signals a potential short entry.
- Short Position Exit: A short position should be closed when the indicator turns upwards, confirmed by positive values on a lower timeframe.
The indicator was first published on 11.08.2026.
You may also like: macd multi-color histogram with signal line - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_plots 1
#property indicator_type1 draw_color_histogram
#property indicator_color1 gray,lime,blue,red,magenta
#property indicator_style1 style_solid
#property indicator_width1 2.......
⚠ 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.