Volatility Measure (VM)
Info
The Volatility Measure (VM) is a Script for MetaTrader 5 that this script copies candlestick data for a specified time period and analyzes its components: body, upper and lower shadows. It calculates maximum, minimum, and arithmetic mean values for each part, providing insights into price volatility.
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 Volatility Measure (VM)
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 script copies candlestick data for a specified time period and analyzes its components: body, upper and lower shadows.
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: Measure Popular Candles (MPC) - another powerful script for MetaTrader 5 traders.
This script copies candlestick data for a specified time period and analyzes its components: body, upper and lower shadows. It calculates maximum, minimum, and arithmetic mean values for each part, providing insights into price volatility.Also recommended: create csv history file from mt5 for mt4 - similar script with strong performance on MetaTrader 5.
Abbreviations used:
- Max: Maximum value
- Min: Minimum value
- Mid: Arithmetic mean value
- B: Candlestick body
- US: Upper shadow
- DS: Lower shadow
For timeframes smaller than weekly, arithmetic mean values are rounded to one decimal place.
Note: The script downloads historical data for all timeframes, which may cause issues on the first launch. If data is incomplete, re-run the script after some time. Large scanning periods on minute timeframes might also lead to data display issues due to extensive arrays.
Purpose: The script identifies pairs with distinct volatility characteristics. It helps traders understand the average movement range of different pairs, aiding in risk assessment and strategy development.
Results: The script displays a table with volatility measures in the upper left corner of the active window.
You may also like: functions for x to time, y to price and vice versa - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property script_show_inputs
input datetime databegin=d'2013.02.01'; // the start date of scanning.
input datetime dataend=d'2013.03.01'; // the end date of scanning.
input color w=clrblack; // table background
input color wf=clrmagenta; // table frame
input color string1=clraqua; // the color of the first string
input color string2=clrred; // the color of the second string.......
⚠ 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.