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

The purpose of this indicator is to facilitate a quick assessment of the impact of spreads on the possible cost-effectiveness of strategies that predict market behavior through one-bar forwards when trading various instruments/different timeframes.

It is especially useful when you implement your own tester in the form of an indicator or a script (Expert Advisor). In this case, the indicator's signal can be interpreted as the market position per unit volume. Therefore, if you first evaluate its predictive accuracy requirements, you can set meaningful goals when developing/optimizing your strategy.

There is only one parameter in the settings - accuracy - the probability of an accurate prediction (expressed in percentage). If you know the approximate accuracy of your strategy's predictions, use this parameter to model it.

Indicators on the chart. Accuracy = 100%

An indicator with a tester indicator above it. Accuracy = 90%. In the window below - Stocks, trade AUDUSD,M5 Prediction accuracy of the next bar == 90%

Attachment download

📎 nextbarcolor.mq5 (3.43 KB)

Source: MQL5 #1819