elder auto envelopes
Info
The elder auto envelopes is a Indicator for MetaTrader 5 that envelope or channel lines are set parallel to the moving average (parallel to the slow ma if you use two mas). the two channel lines must contain approximately 95% of all prices for the past two or three months on a daily chart, with only the extremes protruding outside.
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 elder auto envelopes
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
envelope or channel lines are set parallel to the moving average (parallel to the slow ma if you use two mas).
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: fair value gap auto-detector for smart money concepts trading - another powerful indicator for MetaTrader 5 traders.
Also recommended: Auto Trend Lines Indicator - similar indicator with strong performance on MetaTrader 5.
envelope or channel lines are set parallel to the moving average (parallel to the slow ma if you use two mas). the two channel lines must contain approximately 95% of all prices for the past two or three months on a daily chart, with only the extremes protruding outside.channel lines provide attractive profit targets – sell longs near the upper line and cover shorts near the lower line.
the auto envelope automatically sizes channels by calculating a standard deviation for the last n bars. it is designed to change value at most once a week (once a month on a weekly chart), making it suitable even for intra-day data (use the ‘fixed channel size’ parameter to switch from one mode to the other).
You may also like: AFIRMA: Autoregressive Finite Impulse Response Moving Average - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 4
#property indicator_label1 "ema"
#property indicator_type1 draw_color_line
#property indicator_color1 clrdeepskyblue,clrsandybrown
#property indicator_width1 2
#property indicator_label2 "fast ema".......
⚠ 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.