Forex Consolidation Box MT4 Indicator:
About the Forex Consolidation Box MT4 Indicator
Probably, this is the best consolidation box indicator with possibility of flexible settings according to the traiders requipments. Also, it is possible to embed indicatior in EA. Thank Alexey Mavrin for realization of technical task.
According to the classic technical analysis the price is in motion without a clear direction for almost 70% of the market time and methods of getting profit from flat should be in the arsenal of any trader.
Price consolidation- are periods of market equilibrium when supply and demand are approximately equal, and as a result price moves in a relatively narrow horizontal range. This indicator will help you to find consolidations on the price chart in manual mode and also it can allow to create automatic and semi-automatical strategies based on consolidation boxes.
|BoxLength||parameter responsible for the number of candles in the consolidation box. IF BoxLength=10, indicator will find consolidations with nore then 10 candles|
|BoxRange||box height in pips|
|DaysBack||search for consolidation boxes for the specified number of days|
|RangeDelta||The parameter is associated with the BoxRange parameter, if BoxRange=100, RangeDelta=25, the indicator will search boxes from 75 to 125 pips|
|Falsebreakout||parameter responsible for micro-breakdowns of consolidation boxes|
|Rebound||the parameter is responsible for the bounces from the minimum and maximum as a percentage of the box height|
|BreakoutBoxColor||consolidation box color|
|Draw_arrow true/false||show / do not show pivotal minimum and maximum|
When switching timeframes, rebuilding of the consolidation boxes is possible. There are 3 buffers for embedding into the Expert Advisor, from which you can take data for further processing and analysis: box height, box bottom border, box top border.
The indicator is perfectly combined with the ROMAN KIVERIN (indicator), the result is an automatic construction of consolidations and a volume profile in them!
If there will be suggestions for improving the algorithm, please write, we will think about it, finish it! If you are looking for a reliable broker, and also want to quickly select by instruments and spreads, there is a good selection of top companies, here is the link of TOP brokers.
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)