consensus of five
Info
The consensus of five is a Indicator for MetaTrader 5 that consensus of five signal indicator. the indicator is based on the readings of five indicators: adx, dmi, cci, macd and stochastic.
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 consensus of five
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
consensus of five signal indicator.
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: five pattern - another powerful indicator for MetaTrader 5 traders.
consensus of five signal indicator. the indicator is based on the readings of five indicators: adx, dmi, cci, macd and stochastic.
Also recommended: Fine Fractals MT F - similar indicator with strong performance on MetaTrader 5.
dmi, cci, macd and stochastic indicator directions (or only of some of them) should match for generating a direction signal, while the value of adx indicator is used as a trend filter (either a trend is present or not) and affects simultaneously all four indicators dmi, cci, macd and stochastic (or only some of them). if indicators display direction, while adx is located in a non-trend area, direction signals are not generated.the indicator has twenty-one input parameters:
use adx as trend filter
- use adx as a trend filter (yes/no)
use dmi
- use dmi (yes/no)
use cci
- use cci (yes/no)
use macd
- use macd (yes/no)
use stochastic
- use stochastic (yes/no)
adx period
- adx calculation period
adx entry level
- adx position entry level
adx exit level
- adx position exit level
dmi period
- dmi calculation period
cci period
- cci calculation period
cci buy level
- cci buy position entry level
cci sell level
- cci sell position entry level
macd fast ema period
- fast ema macd calculation period
macd slow ema period
- slow ema macd calculation period
macd buy level
- macd buy position entry level
macd sell level
- macd sell position entry level
stochastic %k period
- k stochastic line calculation period
stochastic %d period
- d stochastic line calculation period
stochastic slowing
- stochastic slowing period
stochastic overbought
- stochastic overbought level
stochastic oversold
- stochastic oversold level
macd signal line calculation period is 1, stochastic price field is low/high
fig. 1. all indicators + adx filter
fig. 2. all indicators without adx filter
fig. 3. cci + macd + stochastic without adx filter
fig. 4. macd + stochastic without adx filter
fig. 5. dmi with adx filter
fig. 6. dmi without adx filter
fig. 7. cci without adx filter
fig. 8. macd without adx filter
fig. 9. stochactic without adx filter
fig. 10. stochactic without adx filter + stochastic oscillator
You may also like: laguerre filter cloud - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.