Total Power Indicator MT5
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 Total Power Indicator MT5
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
Lookback Period
(default = 45) — the main period of the indicator. Determines the amount of bars to look back to count the bear/bull-dominated ones.
Power Period
(default = 10) — the period of the original Bear Power and Bull Power indicators.
AlertOn100Power
(default = false) — if true, an alert will be issued when either Bull or Bear Power reaches level 100. This is a strong overbought/oversold signal, often preceding trend reversals.
AlertOnCrossover
(default = false) — if true, an alert will be issued when Bull and Bear Power lines cross each other.
EnableNativeAlerts
(default = false) — if true, a native MetaTrader popup alert will be used for any of the above two conditions.
TriggerCandle
(default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.
The Total Power Indicator works similarly to other oscillator-type indicators:
One of the most surefire entry method, albeit rare, is to wait for either Bull or Bear line to reach the value of 100 and enter a reversal trade.
The crossover of the Bear and Bull lines can also be used to enter trades. If the Bull line resulted above — go long, if the Bear line is now above — go short.
The crossover of the Bull or Bear line with the Total line can be used for a conservative exit from a trade.
