Le Man Stop
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 Le Man Stop
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
Trend-following indicator LeManStop is a representative of system LeMan and displays Stop Loss levels for the existing positions in the chart. It draws two Stop Loss lines for Long and Short positions, displayed in different colors.
It has six configurable parameters:
Period
- calculation period;
Coefficient
- coefficient of stop line deviation from the price;
Fast MA period
- fast moving average calculation period;
Fast MA method
- fast moving average calculation method;
Slow MA period
- slow moving average calculation period;
Slow MA method
- slow moving average calculation method.
Calculations:
If dMA > 0:
If dMA < 0:
where:
