Mc Ginley dynamic (official)
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 Mc Ginley dynamic (official)
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 cause to make this :
When almost all the descriptions of some indicator are something like this :
then one starts to wonder what is in that indicator that makes it so "good". There is a significant confusion at how the available versions are calculated, and it seems, that as far as metatrader is concerned, the formula used is almost always the wrong formula. This version uses the original formula and one "improved" formula.
Comparison of the original formula to EMA and SMA (the gray lines)
Comparison of the "improved" formula compared to those same EMA and SMA
Usage :
Use it as any other average indicator applied to prices
Important :
From the original formula it is obvious that the indicator has a fatal flaw : if there are 0 values in the series that it is applied to, then the indicator fails to produce meaningful result. If should be used only on data that never has 0 values
