identify potential trends/range (pivot points)
Info
The identify potential trends/range (pivot points) is a Script for MetaTrader 5 that when i start learning about trading, i remember the trading pioneer shawn lucas (founder of apiary-fund) saying "trading is simple, you go from bound range market to breakout market and vice versa". i looked at few charts and he was right.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use identify potential trends/range (pivot points)
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
when i start learning about trading, i remember the trading pioneer shawn lucas (founder of apiary-fund) saying "trading is simple, you go from bound range market to breakout market and vice versa".
Typical Use Case
This Script excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: attractive market watch list for potential entries - another powerful script for MetaTrader 5 traders.
when i start learning about trading, i remember the trading pioneer shawn lucas (founder of apiary-fund) saying "trading is simple, you go from bound range market to breakout market and vice versa". i looked at few charts and he was right. so i told myself, i have to always eyeball ranging market and trending market but with the help of an indicator. there are plenty of indicators that help us eyeball these ranging/trending market and they work really well, but i like using pivot points.
Also recommended: identify the potential best days to trade (improve your strategy) - mt5 - similar script with strong performance on MetaTrader 5.
that is why i created this indicator that helped me to automatically eyeball these potential trends/range (based on pivot points) instead of doing all the work myself. i know there are plenty of metatraders who also suffer from this and that is why i would like to share this indicator with you, hopefully it will be beneficial.do not forget to send you comments as well as rate these scripts. happy trading!
live trading session:
you can check the following live trading sessions and see how i was using my products in my trading
You may also like: identify the potential best ti m e to trade (improve your strategy) - mt5 - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#include <candlestick.mqh>
string sarrowbuy1 = "";
string sarrowbuy2 = "";
string sarrowsell1 = "";
string sarrowsell2 = "";
datetime dtbartimez = 0;
ccandlestick ccs0, ccs1, ccs2, ccs3, ccs4, ccs5, ccs6, ccs7, ccs8;.......
⚠ 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.