NRTR Extr Indicator
Info
The NRTR Extr Indicator is a Indicator for MetaTrader 5 that nrtr indicator based on high and low price points. This indicator maintains a consistent distance from the extreme price levels reached.
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 NRTR Extr 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
NRTR Indicator based on high and low price points.
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.
NRTR Indicator based on high and low price points. This indicator maintains a consistent distance from the extreme price levels reached. During an uptrend, it appears below the chart, while in a downtrend, it is positioned above. The purpose of this distance is to filter out minor corrective movements against the primary trend. A more substantial movement counter to the main trend, exceeding the predetermined level (the moving filter size), indicates a full trend reversal.Also recommended: Extrapolator - similar indicator with strong performance on MetaTrader 5.
As with any simplified approach, this indicator performs optimally in trending markets but may encounter challenges during non-trending periods.
Fig.1. NRTR_Extr
You may also like: Bands Stoch RSI Extreme Reversal Signals - 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_buffers 4
#property indicator_plots 4
#property indicator_type1 draw_arrow
#property indicator_color1 clrdodgerblue
#property indicator_width1 2
#property indicator_label1 "nrtr up".......
⚠ 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.