Corr average
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 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.
Description & Settings
This indicator is calculating 4 basic types of averages with an option to have "corrected" value of an average too.
Even though at a first glance Dr.Uhl's method looks like and adaptive EMA, because of the way it corrects the values, it tends to give results very, very close to the original value when the correction is not active (in times of grater volatility). Because of that it is suitable for usage on a broad range of values (not just averages) without significant loss of the original value , but in this case averages are used.
The 4 types of averages are the usual 5 basic type of averages. Where the indicator is extended largely is how it is calculated and how it can determine trend.
If the correction period is set to <0, then there is no correction and in that case the value of the average is the same as the original average.
If the correction period is set to 0 to 1 then the same period as the average period is used for correction.
If the correction period is set to any value > 1 then that fixed period is used for correction.
Slope change
Outer levels cross
Middle level cross
Original average value cross
This indicator shows the value of the original average too. If the corrected value and the original value are crossed, their cross type is determining the trend state. It usually is a good indicator for trend and tends to have small number of false signals if not too fast (short) average period is used (to short periods in any case are tending to show noise instead to filter prices), so some compromise in the period used is advised. Normal averages periods that are usually used are working fairly well with this indicator — long periods also.
The rest are the usual options (multi time frame and alerts) and they are clearly explained in the parameters so the usage should not be difficult.
An example of a "larger look" usage of the above example
