step average - std based
Info
The step average - std based is a Indicator for MetaTrader 5 that basics: we are all using averages for market assessment. one of the ways averages are used is using the change of the slope of the average as a signal.
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 step average - std based
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
basics: we are all using averages for market assessment.
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 ADR Calculator MT5 - Professional Average Daily Range Indicator - another powerful indicator for MetaTrader 5 traders.
Also recommended: Relative Moving Average (RMA) Indicator for MT5 - similar indicator with strong performance on MetaTrader 5.
basics:we are all using averages for market assessment. one of the ways averages are used is using the change of the slope of the average as a signal. but that way tends to produce a lot of signals in ranging market. one of the way to lessen that number of signals is to filter out insignificant changes in average.
it is using percent of std (standard deviations) as a filter. it is done in order to fix one of the weak points of using fixed (pips) step size : different time frames tend to have different results for fixed step size (ie: higher time frames become almost without steps and lower time frames still have those steps for same setting). percent of std usage fixes that and makes it a sort of adaptive. the rest is the same : if the average does not changes for more than the required step, the value of the average remains the same. otherwise it is changed in order to reflect the nearest value based on the required steps. averages supported are the following:
simple moving average (sma)
exponential moving average (ema)
smoothed moving average (smma)
linear weighted moving average (lwma)
usage:
you can use the color changes as signals.
You may also like: multi-timeframe moving average indicator (v03) - 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.