Corr Average
Info
The Corr Average is a Indicator for MetaTrader 5 that this indicator calculates four basic types of averages with an option for a 'corrected' value. Dr.
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 Corr Average
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
This indicator calculates four basic types of averages with an option for a 'corrected' value.
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: AIS Average Rank Speed: Measuring Price Volatility - another powerful indicator for MetaTrader 5 traders.
This indicator calculates four basic types of averages with an option for a 'corrected' value.Also recommended: Session TWAP: Time-Weighted Average Price with Deviation Bands - similar indicator with strong performance on MetaTrader 5.
Dr. Uhl's method, while appearing as an adaptive EMA, corrects values in a way that maintains proximity to the original value during periods of higher volatility. This makes it suitable for a wide range of values without significant deviation from the original.
The four types of averages include the standard five basic types. The indicator's strength lies in its calculation method and trend determination.
Correction period settings:
- <0: No correction, resulting in the average value matching the original.
- 0 to 1: Correction period matches the average period.
- > 1: A fixed correction period is applied.
Trend determination methods:
- Slope change
- Outer levels cross
- Middle level cross
- Original average value cross
The indicator displays the original average value. When the corrected and original values cross, the type of cross determines the trend state. This is a reliable indicator for trend analysis, minimizing false signals when appropriate average periods are selected. Longer periods tend to perform well.
Additional features include multi-timeframe support and alerts, with clear parameter explanations for ease of use.
An example of a broader application of this indicator is provided.
You may also like: Multi-Symbol Correlation Divergence Meter - excellent alternative for indicator users on MetaTrader 5.
Source Code
/.......
⚠ 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.