Indicator of all the obvious Indicators?

Trading Systems Expert Advisors and Automated Trading
1

Hi all,

I’m new (to this forum, to Forex, and to even investing money!). Go easy on me :s

However, I’ve learned a lot, am a coder / developer, and so the technical side of MT4 / indicators I’m pretty sure I get.

As I’m learning, it seems to me there’s the really obvious things one should look out for when looking to enter (and exit) a trade).

Is there a custom indicator for MT4 that, can answer the things that currently I’m checking manually before entering a trade. Eg:

  • how close to support / resistance line we are at the moment
  • current timeframe trend compared to wider timeframe trend alignment
  • MACD histogram in alignment with trend (no convergence)
  • overbought or oversold (RSI)
  • SMA 20 and 50 in the right positions (20 is closer to chart than the 50)
  • and not to forget about price action… current trustworthy / common candlestick patterns
  • etc

And this is where you need to go easy… perhaps I’m over simplifying things! Perhaps that’s a stupid idea in the first place. I will say that I know you should trade on price action and not indicators so I think I already have a healthy respect for the use of indicators.

My goal is to simply automate the really obvious tasks that are done over and over again; tasks that I of course will ensure I understand before automating them :slight_smile:

But if after that disclaimer, you still think it’s a stupid idea, I’d love to hear why.

Regardless though, I am interested in knowing if such indicators exist.

Thanks all.

2

There’s a few articles on the MT4 website regarding “matrix”-ish indicators which is simply a checklist of common indicator readings that is displayed right on your chart. Since you are a programmer it would be very easy for you to design one to suit your needs I’m sure. :slight_smile:

3

Any links? I do a search at the metatrader 4 forum URL and any word I search for returns zero results. Manually looking through the list I can’t see anything.

4

MACD Trader Multi Time Frame Version - The Forex Cabin

That’s the first result doing a quick search on Google. I’m not affiliated with them or anything. Just wanted to show you an example of what you could do.

I do remember seeing several articles in the MQL4 codebase, but that was a 3-4 years ago so they’re probably many pages back.

Looks like a lot has changed on there, but you might find something interesting :slight_smile:

5

I was just hoping to avoid google and see if anyone knew specifically of something worth looking at.

But thanks anyway ClarkFX :slight_smile: