Market Sentiment Indicator
Info
The Market Sentiment Indicator is a Indicator for MetaTrader 5 that this is a market sentiment indicator that displays market sentiment, either bullish or bearish. The indicator is designed for centralized markets, such as Forts.
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 Market Sentiment 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.
What this tool does
This is a market sentiment indicator that displays market sentiment, either bullish or bearish.
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: Extreme Price Filter: Identify and Avoid Market Traps - another powerful indicator for MetaTrader 5 traders.
This is a market sentiment indicator that displays market sentiment, either bullish or bearish.Also recommended: Market Structure BOS and CHoCH Indicator: Swing Points, No Repaint, Alerts - similar indicator with strong performance on MetaTrader 5.
The indicator is designed for centralized markets, such as Forts. It is important to consider the current trend, which can be determined through technical analysis.
Note: The default configuration is set for RTS futures, but the provided parameters are for Brent, which also fit RTS.
Parameters:
- Min. Order Volume: The required volume of limit orders.
- Min. Amount of Orders: The required number of limit orders.
- Order Volume Difference: The required difference in the volume of limit orders, indicating how many times the sell volume is greater than the buy volume, and vice versa.
- Order Difference: The required difference in limit orders, showing how many times sell orders exceed buy orders, and vice versa.
You may also like: MTF Trend Context - Professional Market Analysis Tool - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_chart_window
#property indicator_plots 0
input int minvolume=10000; //.
input int mintraders=150; //. -
input double diffvolumes=2.0; //
input double difftraders=1.5; //
#define chart_text_object_name "chart-text".......
⚠ 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.