SilverTrend_Signal Indicator For MT4

SilverTrend_Signal Indicator For MT4

The SilverTrend_Signal Indicator For MT4 overlays buy and sell signals on a price chart. Buy signals are depicted by aqua colored arrows, while sell signals are denoted by violet colored arrows. Sound alerts can also be enabled to keep traders informed about the appearance of a trading signal. The indicator performs admirably during trending market phases, but produces a number of false signals during consolidating markets. This necessitates the use of an additional trend strength confirmation tool along with the SilverTrend_Signal Indicator For MT4 to increase the odds of a trade turning profitable.

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Installing the SilverTrend_Signal 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 SilverTrend_Signal_wq1x_Alert.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 SilverTrend_Signal Indicator For MT4

The SilverTrend_Signal Indicator For MT4 has 3 parameters to configure.

extern int RISK=3;
extern int CountBars=350;
extern int NumberofAlerts=2;

Buffers of the SilverTrend_Signal Indicator For MT4

The SilverTrend_Signal Indicator For MT4 provides 2 buffers.

SetIndexBuffer(0,val1);
SetIndexBuffer(1,val2);

Main Parts Of The Code

int start()
  {
   if (CountBars gt =Bars) CountBars=Bars;
   SetIndexDrawBegin(0,Bars-CountBars+SSP);
   SetIndexDrawBegin(1,Bars-CountBars+SSP);
   int i,shift,counted_bars=IndicatorCounted();
   int i1,i2,K;
   double Range,AvgRange,smin,smax,SsMax,SsMin,price;
   bool uptrend,old;
//----
   if(Bars lt =SSP+1) return(0);
//---- initial zero
   if(counted_bars lt SSP+1)
     {
      for(i=1;i lt =SSP;i++) val1[CountBars-i]=0.0;
      for(i=1;i lt =SSP;i++) val2[CountBars-i]=0.0;
     }
//----
   K=33-RISK;
   for(shift=CountBars-SSP; shift gt =0; shift--)
     {
      Range=0;
      AvgRange=0;
      for(i1=shift; i1 lt =shift+SSP; i1++)
        {AvgRange=AvgRange+MathAbs(High[i1]-Low[i1]);
        }
      Range=AvgRange/(SSP+1);
//----
      SsMax=High[shift]; SsMin=Low[shift];
      for(i2=shift;i2 lt =shift+SSP-1;i2++)
        {
         price=High[i2];
         if(SsMax lt price) SsMax=price;
         price=Low[i2];
         if(SsMin gt =price)  SsMin=price;
        }
      smin=SsMin+(SsMax-SsMin)*K/100;
      smax=SsMax-(SsMax-SsMin)*K/100;
      val1[shift]=0;
      val2[shift]=0;
      if (Close[shift] lt smin)
        {
         uptrend=false;
        }
      if (Close[shift] gt smax)
        {
         uptrend=true;
        }
      if (uptrend!=old && uptrend==true)
        {
         val1[shift]=Low[shift]-Range*0.5;
         counter=0;
         if (shift==0 && counter lt =NumberofAlerts)
           {
            Alert("Silver Trend ",Period()," ",Symbol()," BUY");
            counter=counter+1;
           }
        }
      if (uptrend!=old && uptrend==false)
        {
         counter=0;
         val2[shift]=High[shift]+Range*0.5;
         if (shift==0 && counter lt =NumberofAlerts)
           {
            Alert("Silver Trend ",Period()," ",Symbol()," SELL");
            counter=counter+1;
           }
        }
      Comment(shift);
      old=uptrend;
     }
   return(0);
  }
//+------------------------------------------------------------------+

 

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