open interest
Info
The open interest is a Indicator for MetaTrader 5 that the open interestindicator shows the parameter "total volume of open positions - ". explanation of indicator colors:if the indicator bar is blue, open interest has grown since the bar emergence, if red, open interest has decreased.
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 open interest
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
the open interestindicator shows the parameter "total volume of open positions - ".
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: true open and power of 3 (po3) lines - another powerful indicator for MetaTrader 5 traders.
the
open interest
indicator shows the parameter "total volume of open positions - ".
Also recommended: Geo Show Open Day Level - similar indicator with strong performance on MetaTrader 5.
explanation of indicator colors:if the indicator bar is
blue
, open interest has grown since the bar emergence, if
red
, open interest has decreased.
a slight modification in the indicator:
now, after the first launch, if prev_calculate==0, the indicator will not re-initialize its indicator buffers. the result: for example, we run the indicator on a chart, the indicator worked for a while and then suddenly prev_calculate==0 is received (can be due to connection loss or history errors) - in this case, the indicator will not re-initialize its indicator buffers, but will continue normal operation.
You may also like: AT R Open Indent - 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.