Market Direction Indicator
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Market Direction Indicator
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
Market Direction Indicator by Donald Lambert was described in the article "The Market Direction Indicator Anticipating Moving Average Crossovers" of "Stocks & Commodities" magazine.
The indicator has five input parameters:
Fast MA period
- fast MA calculation period
Slow MA period
- slow MA calculation period
Cutoff in points
- "cutoff area" - filter of minor price fluctuations (in points)
Show below zero
- display negative indicator values in the area below zero (oscillator)
Applied price
Rising indicator values mean a bearish trend, while falling ones mean a bullish trend, the values included into the +/- Cutoff range are considered neutral.
Fig. 1. Market Direction Indicator
Fig. 2. Market Direction Indicator as an oscillator
