Forex Extreme Finder MT4 Indicator

Forex Extreme Finder MT4 Indicator:

About the Forex Extreme Finder MT4 Indicator

Description:

Extreme Finder analyze chart and find local extremes – maximum and minimum. Searched extreme is always of opposite type then previous. Local extreme is confirmed when price difference is higher then set price difference, but not sooner then after set number of candles. Price difference to confirm local extreme can be set as absolute value or in percent of local extreme price or as a multiple of ATR in time of local extreme. Confirmed local extreme is depicted by filled circle, unconfirmed by blank circle.

Settings:

Number of candles to confirm extreme: Local extreme can’t be confirmed sooner then after se number of candles. Default value is 2.

Price method to confirm extreme: Method to determine price difference to confirm local extreme. Following can be selected:

  • ABSOLUTE: Current price and local extreme price difference to confirm local extreme is set as absolute value.
  • ATR: Current price and local extreme price difference to confirm local extreme is set as multiple of ATR value in the time of local extreme.
  • PERCENT: Current price and local extreme price difference to confirm local extreme is set in percents of price of local extreme

Price difference parameter to conf. extreme: Parameter to calculate price difference to confirm local extreme. Meaning differs in dependence of previou parameter:

  • For ABSOLUTE method: Absolute price difference shall be set. Range is 0 to instrument price.
  • For ATR method: Multiple of ATR shall be set. Value shall be above 0.
    • Example: Pending local maximum price is 12300, ATR at pending local max. time is 38, Price difference parameter is 2.
    • Pending local maximum will be confirmed when price drops to 12300 – (38 * 2) = 12224.
  • For PERCENT method: Percents of local extreme price shall be set. Range is 0 to 100.

ATR period if ATR selected as conf. method: ATR period (if ATR selected as price method). Default value is 14.

Restricted free DEMO version of ExtremeFinder can be found in free section as ExtremeFinder DEMO.

Test results:

Forex Extreme Finder MT4 Indicator

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)

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