This indicator is the simplified variant of the “ind_2_linep1.mq5” indicator. Unlike it, in this indicator is following:
- for slow MA used an exponential smoothing;
- for fast MA exponential smoothing is used twice;
- ATR is calculated using exponential smoothing;
- on the basis of ATR for the chart of difference two threshold lines are drawn;
- trading deals volumes are calculated only for “Forex” type instruments;
- selected instruments are automatically included in the “Market Watch”;
- indicator values are calculated not for the whole chart, but the last part which size is defined by “inpNumBars”;
- a complex system of different symbols data synchronization is not used;
- external indicators and include files are not used.
The indicator draws three lines:
- green is the price index line of the main instrument;
- blue is the price index line of the additional instrument;
- two colored line of difference: blue is when there is divergence, red is when convergence.
If you need to continue downloading from the server quotes by the selected instruments or prepare them in the terminal, so the indicator will go to standby, at this the corresponding message is displayed on the screen. Server connection and ticks’ arrival will be required for the correct work of the indicator. If there is a connection with the server, but ticks do not come (for example, in weekends), so you can try several times use “Refresh” command of the terminal.
The “Max bar in chart” terminal parameter value must increase the selected value of the “inpNumBars” indicator parameter, in some cases it must increase it.
Indicator input parameters:
input string inpSymbol1_Name = "EURJPY"; //Main instrument input bool Symbol1_Reverse = false; //Opposite dependence input string inpSymbol2_Name = "USDJPY"; //Additional instrument input bool Symbol2_Reverse = false; //Opposite dependence input bool ATREnable = true; //Considering ATR values input int inpEMA_Slow = 42; //Slow EМА period input int inpEMA_Fast = 5; //Fast 2xEМА period input int inpN_ATR = 175; //ATR period input int inpNumBars = 5000; //Drawing interval
MT5 Indicator – Download Instructions
PairsTrade Light is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
PairsTrade Light 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 PairsTrade Light.mq5?
- Download PairsTrade Light.mq5
- Copy PairsTrade Light.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 PairsTrade Light.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator PairsTrade Light.mq5 is available on your Chart
How to remove PairsTrade Light.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: