Identify potential entries
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 Identify potential entries
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
INTRODUCTION:
I want to share with you this story. When I started trading, I learnt the scalping strategy in a volatile market. I really loved scalping especially when I see the price is moving fast. However, scalping for a long period of time is exhausting to me especially in a volatile market; volatile market requires fast analysis, actions and reactions; that is why I always reach a point that I loss concentration, focus and I start making those really stupid mistakes.
That is why I created this indicator that helped me to automatically identify these potential entries (based on the formation of candlesticks) instead of doing all the work myself. I know there are plenty of Metatraders who also suffer from this and that is why I would like to share this indicator with you, hopefully it will be beneficial.
LIVE TRADING SESSION:
You can check the following live trading session on 25 August 2020 and see how I was use my tools in my trading
You can check the below videos:
Do not forget to send you comments as well as rate these scripts. Happy trading!
This indicator:
* has one input that will allow you to specify if you want to identify potential entries on bullish or bearish trends (i.e. it is up to you to choose bullish trend or bearish trend).
* If you choose bullish trend, this indicator will identify potential bullish entries based on the formation of these candlesticks:
Bullish Hammer (HAM),
Inverted Hammer (IVH),
Bullish Engulfing (ENG),
Bullish Harami (HAR),
Morning start (MOS) and
Bullish Building Momentum
* If you choose bearish trend, this indicator will identify potential bearish entries based on the formation of these candlesticks :
Shooting Star (SHS),
Hanging Man (HGM),
Bearish Engulfing (ENG),
Bearish Harami (HAR),
Evening Start (EVS) and
Bearish Building Momentum)
