SI Indicator For MT4

SI Indicator For MT4

The SI Indicator For MT4 is a technically brilliant and neat oscillator indicator which moves about - in relation to the actual price action - consistently well in that it is able to clearly illustrate the bare structure of the price action, this is a great indicator to be used by new technical traders who trade price action patterns. When new traders come onto the seen they have a propensity to envision price action as lines and often most price action patterns are shown as lines throughout trading literature. This reduced or simplification of price action is able to clearly show the true structure of the price action - so for instance the trader will be able to easily see and confirm a head and shoulders pattern, a double top/bottom pattern, a triple top/bottom pattern or even a regular divergence pattern - all of which are very strong trend reversal triggers.

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Installing the SI Indicator For MT4

After you downloaded the indicator via the form above you need to unzip the zip-file. Then you need to copy the file SI-2.mq4 into the folder MQL4\Indicators of your MT4 installation. After that please restart MT4 and then you will be able to see the indicator in the list of indicators.

Parameters of the SI Indicator For MT4

The SI Indicator For MT4 has 2 parameters to configure.

extern double    T          =1;
extern int       CountBars  =10000;

Buffers of the SI Indicator For MT4

The SI Indicator For MT4 provides 1 buffers.


Main Parts Of The Code

int start()
   int    i, counted_bars=IndicatorCounted();
   double pHigh, pLow, pOpen, pClose;
   double pHigh_1, pLow_1, pOpen_1, pClose_1;
   double K, R, R_1, R_2, R_3, R_4, X, SI ;
   if (CountBars gt Bars) CountBars=Bars-10;
   while(i gt =0)
      pHigh   =High[i];
      pLow    =Low[i];
      pOpen   =Open[i];
      pClose  =Close[i];
      pHigh_1 =High[i+1];
      pLow_1  =Low[i+1];
      pOpen_1 =Open[i+1];
      R_1     =MathAbs(pHigh-pClose_1);
      R_2     =MathAbs(pLow-pClose_1);
      R_3     =MathAbs(pHigh-pLow);
      R_4     =MathAbs(pClose_1-pOpen_1);
      K       =MathMax(R_1,R_2);
      if (R_1 gt =MathMax(R_2,R_3))
         R   =R_1 - R_2/2 + R_4/4;
         if (R_2 gt =MathMax(R_1,R_3))
            R   =R_2 - R_1/2 + R_4/4;
            R   =R_3 + R_4/4;
      if (R==0) SI=0;
         X   =(pClose_1-pClose)+(pClose_1-pOpen_1)/2+(pClose-pOpen)/4;
         SI  =50 * (X/R) * (K/T);


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