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

RedPlumSoft, Inc

This indicator predicts possible reversal points. The EURUSD chart shows an interesting pattern - some time before the reversal, there are bars with the following characteristics:

These bars are conventionally called X-points. The indicator finds X-points based on the xrate parameter:

(rate >= xrate) && (High-Low) >= xsize && (Up-Dn)>= xminupdn

To filter out false signals, the indicator analyzes the bars behind point X for any price movement in the predicted direction, as well as the position of the bar midpoints relative to the channel center and each other.

Indicator input parameters:

 //+--------------------------------------------------------+
//| Indicator input parameters |
//+--------------------------------------------------------+
Input unit Yip = 3 ; // Channel construction period
Enter double mixing ratio = 1.5 ; // minimum relation
Input Units Size = 5 ; // Minimum bar height (highest point - lowest point) (in points)
Input unit ix Slope = 0 ; // Minimum increment for the next bar (in points)
Input unit ixminupdn= 10 ; // Minimum channel width (in points)

Enter hour 1 ixhour1=H09; // Minimum time allowed for signaling
Enter hour 2 ixhour2=H_19; // Maximum number of hours allowed for signal
Input unit ixindent= 15 ; // Movement of the signal in the chart (in points)

Enter integer shift = 0 ; // Horizontal movement of the indicator in bars

This indicator may produce false signals. Therefore, it is necessary to perform additional filtering using other indicators, or to consider indicator signals as warnings against hasty position openings that contradict predictions.

Added time filtering of signals. By default, night signals are ignored.

Tests revealed another interesting property of the ixndent parameter - it can be used to accurately calculate the opening torque. For example, a short position is opened when the price is above the arrow and vice versa, which provides an approximation of opening a position to the local extreme point.

The indicator was first implemented in MQL4 and published in the code base of mql4.com on June 7, 2008.

Figure 1. XPoints indicator

Attachment download

📎 xpoints.mq5 (12.87 KB)

Source: MQL5 #1716