mass index
Info
The mass index is a Indicator for MetaTrader 5 that metaquotesthe mass index is intended for detection of trend turns based on changes in the bandwidth between the highest and the lowest prices. if the bandwidth expands, the mass index increases, if it narrows, the index decreases.
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 mass index
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
metaquotesthe mass index is intended for detection of trend turns based on changes in the bandwidth between the highest and the lowest prices.
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: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - another powerful indicator for MetaTrader 5 traders.
Also recommended: institutional fractal dimension index (regime detector) - similar indicator with strong performance on MetaTrader 5.
metaquotesthe mass index is intended for detection of trend turns based on changes in the bandwidth between the highest and the lowest prices. if the bandwidth expands, the mass index increases, if it narrows, the index decreases.
the mass index was developed by donald dorsey. a special model constructed by the indicator and called 'reversal bulge' should be considered the most important signal from the mass index. the reversal bulge is formed when the 25-period mass index, first, exceeds 27 and then falls below 26.5. in this case, the price turn is quite possible independently on the general nature of the trend, and it does not matter, whether prices move up, down or fluctuate within the trading range.
to detect what exactly signal - to buy or to sell - is produced by the reversal bulge, 9-period exponential moving average of prices is frequently used. when a reversal bulge appears, it is time to buy, if the moving average falls (with a view to a reversal), and sell, if it increases.
the indicator uses smoothalgorithms.mqh library classes (must be copied to the terminal_data_folder\mql5\include). the use of the classes was thoroughly described in the article .
this indicator was first implemented in mql4 and published in on 08.02.2007.
fig.1. mass_index indicator
You may also like: relative strength index of volatility - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 1
#property indicator_plots 1
#property indicator_type1 draw_line
#property indicator_color1 clrteal
#property indicator_style1 style_solid
#property indicator_width1 1.......
⚠ 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.