Pairs Trade Light
Info
The Pairs Trade Light is a Indicator for MetaTrader 5 that this indicator is a simplified version of the original pairs trade indicator. It introduces several modifications:- Slow MA uses exponential smoothing.
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 Pairs Trade Light
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
This indicator is a simplified version of the original Pairs Trade indicator.
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: Quantora Trade Statistics Dashboard MT5 - Professional Trading Performance Analytics - another powerful indicator for MetaTrader 5 traders.
This indicator is a simplified version of the original Pairs Trade indicator. It introduces several modifications:Also recommended: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator for MetaTrader 5 - similar indicator with strong performance on MetaTrader 5.
- Slow MA uses exponential smoothing.
- Fast MA uses exponential smoothing twice.
- ATR is calculated using exponential smoothing.
- Two threshold lines based on ATR are drawn on the difference chart.
- Trading deal volumes are calculated only for Forex-type instruments.
- Selected instruments are automatically added to the Market Watch.
- Indicator values are calculated for a specific portion of the chart, as defined by the 'inpnumbars' parameter.
- A complex data synchronization system is not utilized.
- External indicators and include files are not required.
The indicator displays three lines:
- Green: Price index line of the main instrument.
- Blue: Price index line of the additional instrument.
- Two-colored difference line: Blue indicates divergence, and red indicates convergence.
If the indicator requires additional quotes from the server, it will enter a standby mode, displaying a message. A connection to the server and tick data are necessary for its operation. If ticks are not received, even with a server connection, you can attempt to refresh the terminal.
Ensure the 'Max Bar in Chart' terminal parameter exceeds the 'inpnumbars' indicator parameter, and in some cases, it should be significantly higher.
Indicator Input Parameters:
- Recommendations:
This indicator has not been extensively tested and is provided as-is. For more information on its basis and usage, refer to the archives of the relevant magazine or the specified forum.
You may also like: Quantora Pip Value Calculator MT5: Professional Pip and Point Value Calculator for MetaTrader 5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "2.01"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
"of transactions is calculated only for forex."
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_plots 3.......
⚠ 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.