I no longer trade using Metatrader. I noticed users kept hitting an invalid link on my website to this search phrase. So the purpose of this post is to catch those invalid links related to Metatrader. I would recommend learning Python and custom developing your algorithms. It will be much more rewarding.
I wanted to share with everyone an indicator that I programmed and I find very useful. It is called the Whittaker Volatility Breakout Indicator or WVBI. The purpose of this indicator is to represent the range of a bar in percentage terms rather than in points. I think the flaw of most traders or programmers is they often write code and optimize it for pips of a given pair. This I truly believe is one of the core fundamental flaws of sustainability of a strategy. When people start programming static values. Whether it be in money management, entries, exits, or take profit levels.
What this indicator does is as follows:
- Takes the range(high-low) the last x bars.
- Averages the range of the last x bars.
- Displays as a histogram the percentage of change from the average.
- Takes an average of the percentage of change from the average.
- Allows you to set a horizontal line at your preference so you can see when the average is breaking out.
This indicator has 3 inputs:
- “ATRPeriod” which allows you to specify the amount of bars to average out for the Average True Range of that period
- “WVBIAverage” is a setting that allows you to specify the amount of bars to which will be the average of the percentage of the ATR.
- The last setting is pretty straightforward it is “TooFar”. This simply will draw a horizontal line across the indicator so that you can visually see where the percentage is in comparison to other bars. Its purpose is to simply put things in perspective.
All of this might seem confusing at first. However, I assure you this a very useful indicator for detecting volatility in a market.
Attached are zip files I had or that I was working on for Metatrader. I don’t know if they’re up to date, if they work, or support them in any form.