ColorSTD_Histogram – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • Real author: BECEMAL

    The smoothed Simple Trend Detector with the color indication of overbought/oversold level breakouts and of the histogram direction. Depending on the value of the indicator’s input parameter:

    input ENUM_COLOR_MODE Mode=ENUM_LEVELS; //Breakout indication method

    There are two variants of histogram coloring:

    1. Breakout of overbought/oversold levels;
    2. Change of direction.

    For better histogram readability, the indicator is performed in zero relative symmetric form, and its values vary from -50 to +50.

    The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was described in detail in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.

    This indicator was first implemented in MQL4 and published in the CodeBase on 26.07.2010.

    Fig1. Indicator ColorSTD_Histogram

    Fig1. Indicator ColorSTD_Histogram

  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window