MinMax Indicator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
It is based on a very simple idea: calculate the minimum and maximum values of a certain price over the desired time period and then use these values for further trend estimation.
The indicator uses the described minimum and maximum values to "construct" a common value (minimum + maximum)/2, which is then used as the main trend estimator (its slope). Extreme ranges/levels can be used as stop loss or profit targets (depending on your trading needs). Additionally, these "bands" have their own coloring patterns that can also be used for short-term trend estimation.
Attachment download
📎 minmax.mq5 (8.66 KB)
Source: MQL5 #22959
MinMax indicator - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening suggestions
MinMax indicator - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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