Linda's Coil
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 Linda's Coil
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
Indicator Linda's Coil presents several methods of searching for "engulfed" candlesticks (Price Action).
It has three input parameters:
Period
- search range;
Method
- search method:
Engulfed
- engulfed candlesticks only;
Engulfed or Equal
- either engulfed or equal candlesticks.
Type
- search type:
Previous
- comparing with the previous candlestick;
First
- comparing with the first candlestick within the search range.
Search
The indicator compares the current candlestick with the previous one (type Previous) or the first one (type First) within the search range (Period).
If the current candlestick is less than (method Engulfed) or is less than or equal to (Engulfed or Equal) the previous one (i.e., it is engulfed by the previous one), then the indicator places a mark in the price chart.
Fig.1. Comparing to the previous candlestick
Fig.2. Comparing to the first candlestick within the range
