notis
Info
The notis is a Indicator for MetaTrader 5 that notis% v oscillator measures market volatility based on the difference between the intraday high and low. Volatility is high when the gap between the plus and minus lines is large, and low when the difference is small.
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 notis
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
notis% v oscillator measures market volatility based on the difference between the intraday high and low.
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: day of week lables - another powerful indicator for MetaTrader 5 traders.
notis% v oscillator measures market volatility based on the difference between the intraday high and low.Volatility is high when the gap between the plus and minus lines is large, and low when the difference is small.
Also recommended: aroon horn - similar indicator with strong performance on MetaTrader 5.
The indicator operates in two calculation and data presentation modes:
Cumulative Mode
. In this mode, the indicator functions as a standard oscillator with a single line. The indicator chart can also be inverted.
Non-Cumulative Mode (default)
. Here, the indicator displays two lines: plus and minus. The gap between these lines indicates market volatility, and their crossing signifies direction.
The indicator has four input parameters:
- Period: Calculation period
- Method: Averaging method
- Cumulative Mode: Cumulative mode (yes/no)
- Inverse in Cumulative Mode: Invert indicator chart in cumulative mode (yes/no)
Calculations:
Fig.1. Default mode
Fig.2. Cumulative mode without inversion
Fig.3. Cumulative mode with inversion
You may also like: ATR High Timeframe Signal Indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.