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: Buffer Inspector Kb: Identify Indicator Buffers for MT4/MT5 Automation - another powerful script for MetaTrader 5 traders.
Also recommended: Edge Drift Detector: Identify and Quantify Strategy Performance Degradation - similar script with strong performance on MetaTrader 5.
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.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: Accurate Gold Trading: Identifying Broker Symbols and Sizing Positions - 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.