Simple Trading System Indicator
Info
The Simple Trading System Indicator is a Indicator for MetaTrader 5 that a semaphore signal indicator based on the concept from the "325 golden strategies" collection. This indicator provides clear buy and sell signals based on specific conditions.
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 Simple Trading System 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
A semaphore signal indicator based on the concept from the "325 Golden Strategies" collection.
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: Trading Session Boxes Indicator for MT4/MT5 - another powerful indicator for MetaTrader 5 traders.
A semaphore signal indicator based on the concept from the "325 Golden Strategies" collection.Also recommended: Trading Session Ranges: Asian, London, and New York - similar indicator with strong performance on MetaTrader 5.
This indicator provides clear buy and sell signals based on specific conditions.
Strategy Principle:
Buy:
- The closing average over an X-day period should be higher than the average Y days ago.
- The closing price should be lower than the closing price Y days ago.
- The closing price should be higher than the closing price Y+X days ago, indicating a potential upward trend.
- If all conditions are met, buy at the next day's opening.
- Look for a bearish candlestick pattern where the closing price is lower than the opening price.
Sell:
- The closing average over an X-day period should be lower than the average Y days ago.
- The closing price should be higher than the closing price Y days ago.
- The closing price should be lower than the closing price Y+X days ago.
- If all conditions are met, sell at the next day's opening.
For example, if X=20 and Y=3, the 20-day closing average should be higher than the average 3 days ago, indicating an upward trend. Additionally, the closing price on the current day should be lower than 3 days ago, suggesting a potential pullback. Finally, the price should be higher than 23 days ago, confirming an increasing moving average.
This method continues until a reversal signal occurs or the market moves significantly against the position without a reversal.
Fig. 1. Simple Trading System Indicator
You may also like: Simple Anchored VWAP - Institutional Volume Benchmark - 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 2
#property indicator_plots 2
#define reset 0 //
#property indicator_type1 draw_arrow
#property indicator_color1 clrdeeppink
#property indicator_width1 4.......
⚠ 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.