Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
This cluster indicator is MT5 version of SuperIndices for MT4. It allows for processing mixed clusters, where symbols from various markets can be included. For example, it can handle Forex, indices, CFDs, spot at the same time. Number of visible lines increased to 16. An interactive ruler can be enabled to measure signals' strength on the history.
The indicator creates a set of embedded cluster indicators (CCFpExtraIndices) with carefully selected periods and combines their results using smart weighting and normalization algorithms. Up to 15 instruments can be specified.
The signals are: the higher ticker/currency the stronger signal to buy it, the lower ticker/currency the stronger signal to sell it. Most reliable plan is to buy uppers and sell lowers.
The lines of a ticker and/or a currency, which correspond to current work symbol, are shown thick. For example, on a DAX30 chart most heavy line is DAX30, a little bit less heavy - EUR, as it's quote currency for DAX30. Other indices, CFD, commodities with the same quote currency are shown as thin solid lines (in our case, such as STOXX50, CAC40). Other indices, CFD, commodities (with different quote currencies) are shown as dashed lines. All the rest currencies are dotted lines.
At the right hand side of the lines there are labels with ticker/currency names and signal strengths, displayed like +-N(+-D), where N - a difference between the ticker and its quote currency, D - averaged change of the strength in the last period (24 hours or 12 bars, whatever is larger). The larger is a positive value, the more bright blue color is used. The larger is a negative value - the brigher red is used. The best opportunity is when both the signal and its change have the same direction. The strength of a half of the scale or more increases the chances.
Click consecutively 2 labels to the right of the lines to enable the ruler (vertical line). Move mouse cursor over bars in history to view signal between selected labels in the past (highlighted by the ruler). Click the labels once again to hide the ruler.
The recommended timeframes H1 - D1. First, the indicator produces more reliable signals on higher timeframes. Second, it'll consume much more resources on lower timeframes.
It's recommended to add symbols to a cluster one by one - this streamlines data download and makes it easier to locate potential problems.
Parameters:
- Instruments - comma separated list of instruments, maximum 15; the instruments may not have a common currency - the indicator will attempt to find conversion rule via default currency (DefaultBase, see below) by analyzing base currency (for Forex symbols) and quote currency; the default set of instruments is empty, which means the only one work symbol of current chart - this mode is rudimentary and only needed to pass automatic validation; it's recommended to start from 5 Forex majors EURUSD,GBPUSD,USDJPY,AUDUSD for which corresponding indices NASDAQ, DAX30, FTSE, NIK225, ASX200 are usually provided (but their names vary from brokers and not present on MetaQuotes-Demo at all); edit as appropriate;
- MA_Method - moving average method, the default is exponential;
- Price - moving average applied price type, the default is open price; it's recommended to change it to typical or weighted;
- All_Bars - number of bars to calculate on, the default - 20; 0 means all available bars (not recommended);
- BarByBar - false means re-calculating 0-th bar on every tick, true (default) means calculating bar only once;
- DefaultBase - common currency to use, USD by default;
- Prefix, Suffix - optional prefix and suffix, used in symbol names (if used by your broker); by default - empty;
- Indicator_Prefix - common prefix for all objects of the indicator, by default "S2_"; it should be unique for every instance of the indicator applied on the same chart.
