Open Interest
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
The
Open Interest
indicator 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.
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.
