TandemInstrument - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
This indicator enables the visualization of pairs trading methods (searching for divergences). Tandem Expert Advisor uses the same approach ( https://www.mql5.com/en/code/955 ).
Figure 1. EURUSD chart overlaid on GBPUSD. Common H1 timeframes
Figure 1 shows an example of indicator application. It can be clearly seen that the currency pair dispersed for some distance and then started to converge again. On the next similar divergence, the pair above should be sold and the pair below should be bought. When the pair begins to converge, both trades should be closed. One trade will end with a loss, while another trade will determine that the profit exceeds the loss.
The following parameters were used in the example above:
Figure 2. TandemInstrument indicator parameters used in the example
Change history:
September 8, 2012
Added data on indirect symbol density (the ratio at which indirect symbol candle sizes are multiplied before being displayed on the main symbol chart) in the chart window annotation.
Attachment download
📎 mymql_v201.mqh (15.42 KB)
📎 tandeminstrument.mq5 (6.68 KB)
Source: MQL5 #991
💡 Featured Recommendations
✍️ Latest by the author
- •
- •
- •
- •
- •
- •
📌 Popular topics
- •
- •
- •
- •
- •
- •
- •
- •
🔗 You May Be Interested In
- •
- •
- •
- •
- •
- •
