Wiseman
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 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.
Description & Settings
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. 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
