Consensus of Five
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 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.
Description & Settings
Consensus of Five signal indicator. The indicator is based on the readings of five indicators: ADX, DMI, CCI, MACD and Stochastic.
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
