total power indicator mt5
Info
The total power indicator mt5 is a Indicator for MetaTrader 5 that input parameters lookback period(default = 45) — the main period of the indicator. determines the amount of bars to look back to count the bear/bull-dominated ones.
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 total power indicator mt5
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
input parameters lookback period(default = 45) — the main period of the 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: rsi divergence and higher timeframe (htf) power of 3 (po3) indicator - another powerful indicator for MetaTrader 5 traders.
input parametersAlso recommended: true open and power of 3 (po3) lines - similar indicator with strong performance on MetaTrader 5.
lookback period
(default = 45) — the main period of the indicator. determines the amount of bars to look back to count the bear/bull-dominated ones.
power period
(default = 10) — the period of the original bear power and bull power indicators.
alerton100power
(default = false) — if true, an alert will be issued when either bull or bear power reaches level 100. this is a strong overbought/oversold signal, often preceding trend reversals.
alertoncrossover
(default = false) — if true, an alert will be issued when bull and bear power lines cross each other.
enablenativealerts
(default = false) — if true, a native metatrader popup alert will be used for any of the above two conditions.
triggercandle
(default = previous) — the candle to issue alerts on: previous — the most recently closed candle or current — the yet unfinished candle.
the total power indicator works similarly to other oscillator-type indicators:
one of the most surefire entry method, albeit rare, is to wait for either bull or bear line to reach the value of 100 and enter a reversal trade.
the crossover of the bear and bull lines can also be used to enter trades. if the bull line resulted above — go long, if the bear line is now above — go short.
the crossover of the bull or bear line with the total line can be used for a conservative exit from a trade.
You may also like: bulls bears power indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.01"
#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"
#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"
#property indicator_separate_window
#property indicator_minimum -10
#property indicator_maximum 110.......
⚠ 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.