Uniformity Factor Script
Info
The Uniformity Factor Script is a Script for MetaTrader 5 that this is a ridiculously simple script that allows you to quickly estimate the exponent/power factor, characterizing the uniformity ("random walkness") of price changes in history. A time series is considered a "random walk" if its movements follow the rule that the distance up or down traveled is proportional to the square root of the number of steps taken.
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 Uniformity Factor Script
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
This is a ridiculously simple script that allows you to quickly estimate the exponent/power factor, characterizing the uniformity ("random walkness") of price changes in history.
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: Programming Patterns - Abstract Factory - another powerful script for MetaTrader 5 traders.
This is a ridiculously simple script that allows you to quickly estimate the exponent/power factor, characterizing the uniformity ("random walkness") of price changes in history. A time series is considered a "random walk" if its movements follow the rule that the distance up or down traveled is proportional to the square root of the number of steps taken. The square root corresponds to the factor 1/2. This is a regular (theoretical) case, but in practice the numbers are usually different when working with quotes (because they are not random values with a normal diAlso recommended: Programming Patterns - Factory Method - similar script with strong performance on MetaTrader 5.
stribution). Using the factor it's possible to transform time series increments into a nearly uniform distribution - for more consistent and predictable processing in algotrading algorithms, especially in terms of volatility. The idea behind the uniformity factor is described in details in the . The indicator provides visualization and some settings for experiments, allowing you to explore the extent to which price fluctuations of a particular instrument can be treated as a random walk, and find which value is more appropriate as the factor. The script makes it much easier to find the right factor and classify the instrument as more or less "random walked". Just run the script, and it prints out the recommended value. Here are some examples of the script output for different instruments and timeframes:You may also like: Day(hight-low) - excellent alternative for script users on MetaTrader 5.
⚠ 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.