Weight Oscillator Alert Indicator
Info
The Weight Oscillator Alert Indicator is a Indicator for MetaTrader 5 that this indicator includes calls to buysignal() and sellsignal() functions within the oncalculate() block after the indicator calculations. The buysignal() and sellsignal() functions are defined as follows:buysignal("weightoscillator_alert",colorbuffer,0,rates_total,prev_calculated,close,spread);sellsignal("weightoscillator_alert",colorbuffer,4,rates_total,prev_calculated,close,spread);In these functions, 'colorbuffer' represents the color index buffer used for storing indicator colors.
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 Weight Oscillator Alert 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
This indicator includes calls to buysignal() and sellsignal() functions within the oncalculate() block after the indicator calculations.
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: Session TWAP: Time-Weighted Average Price with Deviation Bands - another powerful indicator for MetaTrader 5 traders.
This indicator includes calls to buysignal() and sellsignal() functions within the oncalculate() block after the indicator calculations.Also recommended: Liquidity Void Decay Oscillator - similar indicator with strong performance on MetaTrader 5.
The buysignal() and sellsignal() functions are defined as follows:
buysignal("weightoscillator_alert",colorbuffer,0,rates_total,prev_calculated,close,spread);
sellsignal("weightoscillator_alert",colorbuffer,4,rates_total,prev_calculated,close,spread);
In these functions, 'colorbuffer' represents the color index buffer used for storing indicator colors. The values 0 and 4 indicate the positions within this buffer corresponding to the overbought and oversold areas of the oscillator, respectively.
It is anticipated that each call to the buysignal() and sellsignal() functions will be used once within the oncalculate() block of the indicator's code.
The indicator utilizes classes from the smoothalgorithms.mqh library. Ensure this library is copied to the <terminal_data_folder>\mql5\include directory.
Refer to the article for a detailed description of how to use these classes.
Figure 1 displays the Weight Oscillator Alert indicator on the chart.
Figure 2 illustrates the Weight Oscillator Alert indicator generating an alert for a breakout signal.
Figure 3 shows the Weight Oscillator Alert indicator generating an alert for a trend signal.
You may also like: Volume-Weighted Delta Divergence Oscillator - 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.