Sentiment
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 Sentiment
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
This is a market sentiment indicator. It displays market sentiment — bullish or bearish.
The indicator works on centralized markets, such as FORTS. More in the article .
It should be noted that when working with this indicator it is necessary to consider the current trend (e.g. by a technical analysis).
Attention:
By default the indicator is configured to RTS futures. The attached parameters are for Brent, although they fit RTS as well.
Parameters:
Min. order volume — the required volume of limit orders.
Min. amount of orders — the required amount of limit orders.
Order volume difference — the required difference of the volume of limit orders, i.e. how many times the volume of SELL is greater than BUY and vice versa.
Order difference — the required difference of limit orders, i.e. how many times SELL orders are greater than BUY and vice versa.
