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Custom Indicator for MetaTrader

Overview

This repository contains a custom indicator for the MetaTrader platform, specifically designed for traders who want a simple Buy signal indicator with optional alerting functionality. The indicator uses the Average True Range (ATR) to determine suitable buying opportunities.

  • Version: 1.00 (Free Version)
  • Creator: @binarydina
  • License: Free version without time limits; contact for the Pro version.

Features

  • Simple Buy Indicator: Displays a Buy arrow on the chart when ATR falls below a certain value.
  • Audible Alerts: Optional audible alerts can be configured to trigger for Buy signals.
  • Highly Customizable: Adjustable parameters, including alert thresholds and other settings.

Parameters

Parameter Type Description
Value_B double Threshold for ATR to trigger a Buy signal. Default is 2.23.
Audible_Alerts bool Enables/disables sound alerts when a Buy signal is generated. Default is true.

Installation

  1. Copy the provided code into a .mq5 file and save it to the MetaTrader platform's Indicators folder.
  2. Refresh or restart MetaTrader to recognize the new indicator.

Usage

  1. Attach the Indicator: Open a chart, navigate to Indicators, and attach this custom indicator.
  2. Adjust Parameters: Before adding to the chart, configure Value_B and Audible_Alerts as desired.

Code Structure

  • Initialization (OnInit): Sets up the indicator buffers and initializes ATR for calculating the Buy signals.
  • Calculation (OnCalculate): Processes each tick, checking if the ATR is below the specified threshold (Value_B). When it is, a Buy arrow appears, and an alert may sound if Audible_Alerts is enabled.
  • Alert System (myAlert): Provides different types of alerts; by default, it logs alerts or shows sound alerts when Audible_Alerts is set to true.

Sample Output

The indicator plots a Buy arrow on the chart whenever the conditions are met, based on the specified Value_B. The Buy arrow will appear at the candle low and may trigger a sound alert if configured.

Contact for Pro Version

This free version is fully functional, with no time limits. However, for additional features and customization, contact me on Telegram: @binarydina.

License

This indicator is provided as-is with no warranty. It’s free to use, modify, and share with attribution to the original author.