Market Flow Analysis Method (MFAM) Price Action Indicator - MetaTrader 4 Script - MT4/MT5 Resources
This concept comes from the Market Flow Analysis Method (MFAM) mentioned above http://www.eminisuccessformula.com Author: Todd Mitchell (I have no affiliation with this website or Todd Mitchell)
The program tracks highs (and lows) and whether a trend change is occurring.
Bold red and green indicate the highest and lowest points. The lighter cyan and magenta lines track active highs and lows that could become highs/lows if a price breakout occurs.
The theory is that when the price breaks through the high, you go long; when the price breaks below the low, you go short. A signal is sent when the green line jumps up or the red line jumps down.
A PDF explaining this concept is also available at https://s3.amazonaws.com/eminisuccessformula/Truth+About+Trends.pdf
When developing it, I initially just tracked "periods since top" etc. into a separate chart. This can be recreated with one line of source change (indicator graph) and one parameter.
There is another parameter to limit how long the maximum value etc. can be active (the purpose of adding this parameter was to eliminate the use of 4 buffers, but it has not been done yet).
Attachment download
📎 MktFlwAnlMth.mq4 (6.4 KB)
Source: MQL5 #10112
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