The Mass Index is intended for detection of trend turns based on changes in the bandwidth between the highest and the lowest prices. If the bandwidth expands, the Mass Index increases, if it narrows, the index decreases.
The Mass Index was developed by Donald Dorsey. A special model constructed by the indicator and called ‘reversal bulge’ should be considered the most important signal from the Mass Index. The reversal bulge is formed when the 25-period mass index, first, exceeds 27 and then falls below 26.5. In this case, the price turn is quite possible independently on the general nature of the trend, and it does not matter, whether prices move up, down or fluctuate within the trading range.
To detect what exactly signal – to buy or to sell – is produced by the reversal bulge, 9-period exponential moving average of prices is frequently used. When a reversal bulge appears, it is time to buy, if the moving average falls (with a view to a reversal), and sell, if it increases.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
This indicator was first implemented in MQL4 and published in CodeBase on 08.02.2007.
MT5 Indicator – Download Instructions
Mass Index is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Mass Index provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Mass Index.mq5?
- Download Mass Index.mq5
- Copy Mass Index.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Mass Index.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Mass Index.mq5 is available on your Chart
How to remove Mass Index.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: