filtered price
Info
The filtered price is a Indicator for MetaTrader 5 that theory: in technical analysis we can state that all is about filtering. filtering the "insignificant", filtering the "false", and so on.
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 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.
What this tool does
theory: in technical analysis we can state that all is about filtering.
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: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: price channel indicator - similar indicator with strong performance on MetaTrader 5.
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.
You may also like: kinematic price physics: velocity and acceleration indicators - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.