Forex Price Extremes Analyzer MT4 Indicator:
About the Forex Price Extremes Analyzer MT4 Indicator
The indicator numbers price extremes and draws a rectangle when the levels are narrowed and a triangle is formed.
In the input settings of the indicator, the time of the reference point ‘Start Time’ (from which time to analyze the price for the appearance of extremes) and the level of the step ‘Swing Step’ (the value is set in points – one point is equal to the minimum price change, for 4-x signs it is 0.0001 for five digits is 0.00001).
As soon as a new extremum is formed on the chart, a circle with the sequential number of the extremum is drawn above or below the price (depending on the type – upper, lower level).
If the extremes have formed a convergence (triangle), when the last high level is below the previous high level and the last low level is higher than the previous low, then a rectangle is drawn that belongs to the type of the last formed price extremum.
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)