Hurst Bands
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 Hurst Bands
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
James (Jim) M. Hurst bands form % of bands around the median calculated using the Hurst equation. External bands (called ExtremeBands) mean extreme overbought/oversold conditions. Internal bands mean potential price return points. They also act as dynamic support/resistance levels.
The indicator has seven adjustable parameters:
Period
- calculation period
Inner value
- internal bands deviation value
Outer value
- external bands deviation value
Extreme value
- extreme bands deviation value
Show extreme lines
- display the lines of extreme values
Show outer lines
- display the lines of external values
Show inner lines
- display the lines of internal values
Calculation:
where:
Hurst bands are often used together with , in particular, to search for divergences between bands and oscillator lines.
Fig. 1. Hurst bands
Fig. 2. Hurst bands and Hurst oscillator
