CV I
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 CV I
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
Oscillator CVI (Chartmill Value Indicator) was described by Dirk Vandycke in the Technical Analysis of Stocks & Commodities magazine in January, 2013.
CVI represents a standard deviation from moving average and can be applied to any price series over any period.
The concept is simple. As prices grow, they will finally move away from the moving average. At the end, the moving average will also start growing. When prices start flatting out or consolidating, the gap between the prices and the moving average will start decrease, while the MA will continue moving inertially for some time.
As compared to other oscillators, the indicator displays overbought/oversold areas more efficiently, since the gap between the price and the MA is divided by the average true range, which strongly hardens deviating from the moving average on longer trend-following areas.
The indicator has three configured parameters:
Period
- calculation period;
Method
- Moving Average calculation method;
Calculation mode
- deviation calculation mode:
ATR
- by ATR;
Sqrt ATR
- by square root of ATR.
Calculation:
CVI = (Close-VC) / ATR * Mode
where:
If Calculation mode = ATR:
Mode = Period
otherwise:
Mode = SQRT(Period)
