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

Real author : Pavel Kurko

The Wiseman indicator is primarily designed to show candlesticks where the trend has changed direction.

If the color is pink, the trend has turned bearish; if it is green, then it has turned bullish. Green bars are formed when the current high is higher than the previous high and the price closes below the middle of the candlestick range (high + low)/2.

Likewise, pink bars appear when the current low is below the previous low and the close is above the middle of the candlestick range.

This indicator is based on an idea written by Bill Williams in one of his books. For reference only. It is not profitable to trade based on this indicator alone. It can be used as a signaling indicator for trend strategies.

Figure 1. Indicator Wiseman

Attachment download

📎 wiseman.mq5 (10.49 KB)

Source: MQL5 #20917