MASi_WaveHist - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Real author : Alexei Terentiev

This is an implementation of the market cycle indicator described by Raghee Horner.

" The Wave is a simple market cycle indicator: three exponential moving averages based on Fibonacci number 34. It provides me with a visual footprint of a market's trend, or lack thereof. For this specific purpose, it is better than trend lines, support, and resistance levels. This is not to say that trend lines, support lines, and resistance lines are invalid, but the fact that these lines can be found in uptrending, downtrending, sideways, or range-bound markets does not in itself indicate the market's cycles."

Excerpt from The Five Hours a Week in Forex: How to Make Money Trading on Your Own Time by R. Horner

The principle of this indicator is simple:

The signal is confirmed when three candles of the same color appear.

The indicator was first implemented in MQL4 and published in the code base of mql4.com on May 30, 2017.

Figure 1. MASi_WaveHist indicator

Attachment download

📎 masi_wavehist.mq5 (14.3 KB)

Source: MQL5 #18957