Filtered price
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 Filtered price
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
Theory:
In technical analysis we can state that all is about filtering. Filtering the "insignificant", filtering the "false", and so on ... almost all tools are designed to "filter" out something.
Here is one indicator that is filtering the source of it : the prices. It is using a sort of "deviation"* for it. But, in order to not to keep it simple the "deviation" used is a self adjusting deviation (it depends on the filter size). That way it filters out the desired price changes and leaves us with the filtered values.
Usage:
The filter size can be fractional. Some experimenting with the period and filter size is advised prior to using the indicator for trading decisions.
You can use the color change as signals when using this indicator.
PS
: the reason for the * next to "deviation". Even though it is similar to standard deviation, it is actually very different. Here is a comparison of the "deviation" used by the filter (upper) and standard deviation (lower).
Also, it seems that these days the "self adjusting" word combination is often patched to what usually is called repainting otherwise. This indicator does not repaint. But for demonstration of how it adjusts, here are 3 instances of the "deviation" used that are having different value just because of the filter size. As it can be seen, the values are different, and they are adjusted to the calculated values - but without repainting.
