Larry Williams Min Max Indicator for MetaTrader 5
Info
The Larry Williams Min Max Indicator for MetaTrader 5 is a Indicator for MetaTrader 5 that a metatrader 5 indicator that identifies short-term, medium-term, and long-term extreme points based on larry williams' book, "long-term secrets to short-term trading". Short-term highs are recorded on bars when the bar high is greater than or equal to the left bar's high and greater than the right bar's high.
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 Larry Williams Min Max Indicator for MetaTrader 5
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
A MetaTrader 5 indicator that identifies short-term, medium-term, and long-term extreme points based on Larry Williams' book, "Long-Term Secrets to Short-Term Trading".
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: williams percent range (%r) - another powerful indicator for MetaTrader 5 traders.
A MetaTrader 5 indicator that identifies short-term, medium-term, and long-term extreme points based on Larry Williams' book, "Long-Term Secrets to Short-Term Trading".Also recommended: williams' accumulation/distribution (w a/d) indicator - similar indicator with strong performance on MetaTrader 5.
Short-term highs are recorded on bars when the bar high is greater than or equal to the left bar's high and greater than the right bar's high.
The 'ignoreinsidebars' parameter determines how neighboring bars are considered. If set to 'true', neighboring bars should not be inside bars, and if they are, the following bars are analyzed. If 'false', inside bars are treated as normal and contribute to extreme point formation. Figures 1 and 2 illustrate this difference.
Medium-term highs are recorded when a short-term high is present on the current bar, and the nearest short-term highs to the left and right are below this bar's high.
Long-term highs are recorded when a medium-term high is on the current bar, and the nearest medium-term highs to the left and right are below this bar's high.
The same logic applies to lows.
The indicator operates only on complete bars.
Fig. 1: Example with ignoreinsidebars = true
Fig. 2: Example with ignoreinsidebars = false
Usage:
This indicator can be used to identify significant price levels, formalize extremes, and detect trends. A similar indicator is available for MetaTrader 4: Corrected Version of Extrema Indicator by L. Williams.
You may also like: HL Cross Signal Indicator for Williams Percent Range - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.1"
#property indicator_chart_window
#property indicator_buffers 6
#property indicator_plots 6
#property indicator_label1 "max1"
#property indicator_type1 draw_arrow
#property indicator_color1 clrgreen
#property indicator_style1 style_solid.......
⚠ 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.