wiseman
Info
The wiseman is a Indicator for MetaTrader 5 that wiseman is an indicator basically aimed at showing the candlestick, on which the trend has changed its direction. if color is pink, then the trend has changed for bearish; if it is green, then it has changed for bullish.
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 wiseman
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
wiseman is an indicator basically aimed at showing the candlestick, on which the trend has changed its direction.
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: Bill Williams WiseMan Indicator (MT4/MT5) - another powerful indicator for MetaTrader 5 traders.
wiseman is an indicator basically aimed at showing the candlestick, on which the trend has changed its direction.
Also recommended: wiseman ht f - similar indicator with strong performance on MetaTrader 5.
if color is pink, then the trend has changed for bearish; if it is green, then it has changed for bullish. a green bar is formed at the moment when the current high is above the preceding one and the price has closed below the middle of the candlestick range (high + low) /2.similarly, a pink bar appears where the current low is below the preceding one, while the close price is above the middle of the candlestick range.
the indicator is based on ideas of bill williams in one of his books. it is for reference only. trading by this indicator only would not be profitable. it may be used as a signal indicator for a trend strategy.
fig.1. indicator wiseman
You may also like: wiseman1 - 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.