The Random Walk Index indicator is used in situations where it is necessary to determine whether the market instrument is in a developing trend or performs random motion in a trading range.
This indicator tries to do it by defining a trading range of the market instrument first. The next step is to calculate a series of RWI indices for a maximum of the analyzed period. The greatest movement of the index relative to RW is used as the current index. The market develops an uptrend, if RWI of highs > 1, while the downtrend is when RWI of lows > 1.
This indicator was first implemented in MQL4 and published in CodeBase on 21.12.2006.
MT5 Indicator – Download Instructions
Random Walk Index is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Random Walk 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 Random Walk Index.mq5?
- Download Random Walk Index.mq5
- Copy Random Walk 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 Random Walk Index.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Random Walk Index.mq5 is available on your Chart
How to remove Random Walk 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: