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

Real author : Crazy Chart

Smoothed StrangeIndicator oscillator with color indication of overbought/oversold level breakouts and histogram direction. Depends on the values ​​of the indicator input parameters:

There are two variants of histogram coloring:

For better histogram readability, the indicator is performed with zero relative symmetry and its values ​​vary between -50 and +50.

The indicator uses SmoothAlgorithms.mqh library class (copy it to \MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is detailed in the article.

The indicator was first implemented in MQL4 and published in the code base on November 2, 2017.

Figure 1. Weird indicators

Attachment download

📎 SmoothAlgorithms.mqh (130.2 KB)

📎 StrangeIndicator.mq5 (20.35 KB)

Source: MQL5 #17743

StrangeIndicator - Important points before using the MetaTrader 5 script

This page has been supplemented with structured instructions, focusing on the use of foreign exchange indicators, MT4/MT5 platform compatibility, testing procedures and risk control. Before downloading or deploying, it is recommended to first determine whether it is consistent with your own variety, cycle and account environment.

Suitable for who to use

• Users who want to quickly screen foreign exchange indicators and are willing to do simulation verification first.
• People who need to compare MT4/MT5 EAs, indicators, scripts or source code projects.
• Traders who wish to record backtests, parameters and risk boundaries before placing a trade.

Testing and risk control suggestions

• First verify the default parameters in the strategy tester or demo account, and then adjust the symbol, period, spread and trading period one by one.
• Scalping, grid, martin, and high-frequency strategies should focus on observing maximum drawdowns, consecutive losses, slippage, and trading frequency.
• It is not recommended to run any document directly on the real disk. At least observe the simulated disk performance for 2-4 weeks first.

FAQ

Can MT4 and MT5 be used interchangeably?
Usually cannot be used directly. EX4/MQ4 corresponds to MT4, EX5/MQ5 corresponds to MT5, and the source code needs to be compiled in the corresponding MetaEditor.

Is this resource guaranteed to be profitable?
cannot. EAs, indicators and scripts can only be used as trading tools, and the results depend on parameters, market environment, spreads, slippage and risk control.

What else can I continue to watch?
Forex EA download , foreign exchange indicator download , EA evaluation , MQL5 CodeBase .

English Search Notes

This page is also optimized for English search intent around StrangeIndicator - MetaTrader 5 script . Related search terms include: Forex indicator, MT4 indicator, MT5 indicator. Test any Forex EA, Expert Advisor, MT4/MT5 indicator, script or MQL source code with historical data and a demo account before live trading.