Key Points Indicator
Info
The Key Points Indicator is a Script for MetaTrader 5 that for years, i have been studying and trading using the thomas demark system, utilizing an indicator in my trading process. Through my trading experience, I identified a factor that often leads to suboptimal results when constructing trends based on Demark pivot points and Williams fractals.
Usage
This tool is typically used for enhancing chart analysis and decision making.
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 Key Points Indicator
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
For years, I have been studying and trading using the Thomas Demark system, utilizing an indicator in my trading process.
Typical Use Case
This Script excels in automated trading and technical analysis 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.
For years, I have been studying and trading using the Thomas Demark system, utilizing an indicator in my trading process.Also recommended: Repaint Test: Quantifying Indicator Redrawing Behavior - similar script with strong performance on MetaTrader 5.
Through my trading experience, I identified a factor that often leads to suboptimal results when constructing trends based on Demark pivot points and Williams fractals.
Fig. 1: Key points identified using Williams fractals and their dimensions by Demark.
To address this, we propose removing the 'not less' limit and counting the number of bars to the left and right that are lower/higher than the key point. The smallest value becomes the true dimension of the key point.
Fig. 2: True dimensions of the points.
This approach significantly alters the chart's appearance.
Fig. 3: RTS index futures contract chart.
Demark's advice on building trend lines using points with similar dimensions becomes clearer with this method. Constructing trends with points of varying dimensions yields random results, explaining the frequent failures.
Fig. 4: Examples of trends.
To facilitate the accurate construction of trends, I developed a script for the widely adopted MetaTrader 5 platform. This script visually represents key points on the chart and reveals their dimensions.
Building trends with this script is straightforward. An indicator is in development!
The script offers two customizable parameters:
- Mindimension = 5; the minimum dimension required for a key point to appear on the chart.
- Maxbars = 300; the maximum number of bars to process, counting from the current bar.
Due to its loop-based processing, I advise against processing more than 1000 bars to avoid excessive processing time. If the script cannot determine a point's dimension (due to bar limits), it marks the point with a colored ball.
Feedback, suggestions, and comments are welcome. Best of luck with your trading!
You may also like: exporting indicator values to csv files - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property script_show_inputs
input int mindimesion=5;//
input int maxbars=300;//
void onstart()
{.......
⚠ 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.