The indicator predicts the possible reversal points. The EURUSD chart show an interesting pattern – some time before the reversal, there are bars with the following features:
- rate = (High – Low) / MathAbs(Close – Open) is significantly greater than 1;
- the lowest point (Low) touches the bottom of the channel (possible price growth), or the highest point (High) touches the top of the channel (possible price fall)
These bars are conventionally called X-points. The indicator finds X-points based on the xrate parameter:
(rate >= xrate) && (High-Low) >= xsize && (Up-Dn)>= xminupdn
To filter out false signals, the indicator analyzes the bar that follows the X-point for any price movement in the predicted direction, as well as the position of bar midpoints relative to the center of the channel and each other.
MT5 Indicator – Download Instructions
XPoints is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
XPoints 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 XPoints.mq5?
- Download XPoints.mq5
- Copy XPoints.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 XPoints.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator XPoints.mq5 is available on your Chart
How to remove XPoints.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: