SimpleBars matf Indicator - How does it work, and any good? | Forex Factory

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SimpleBars matf Indicator - How does it work, and any good?

  • #1
  • First Post: Jul 20, 2018 4:43pm Jul 20, 2018 4:43pm
Hi guys, I have been using this indicator on a demo account (attached bellow), with some success. It basically acts as a main trend filter by changing the colours of the candles to either red or green based on what a higher time frame trend is doing, you can specify what time frame you want the indicator to look at, I am trading off a 30 min chart and have set the indicator to watch the 4 hour trend. So far so good, its working well in my system.

My question is this, can anyone please (who knows MQ4) look at the code and tell me exactly how this indicator works? I cannot find any documentation online and it seems a bit silly of me to use an indicator on a live account and not know how it really works, despite the fact it is giving me some positive results on a demo account.

Thanks to anyone who can help me.
Attached File(s)
File Type: mq4 SimpleBars matf nmc.mq4   6 KB | 607 downloads
Nothing in life is to be feared, it is only to be understood.
  • #2
  • Jul 21, 2018 1:20pm Jul 21, 2018 1:20pm
Has anyone even used this indicator before? If you have do you have an opinion you would like to share?
Nothing in life is to be feared, it is only to be understood.
  • #3
  • Edited 7:04am Jul 22, 2018 6:50am | Edited 7:04am
It changes colour if High is highest for last 'period' bars

OR Close if is > highest high for last 'period' bars and 'useClose' is set to true.

HTH

M.

EDIT : (and vv for Low)
If you think I'm mad, I must be mad
  • #4
  • Jul 22, 2018 7:01am Jul 22, 2018 7:01am
Quoting dkrock
It looks to me like it measures the median price and draws the candle to the color of the calculation. Its color change signal would be similar to a Fisher indicator. If your design calls for the median of price, then it should work nicely for you. I have also used similar indicators that show MACD and TDI signals. It all depends on what you want to measure.
Thanks dkrock for posting a response, is there anything you could see in the code that would indicate any re-painting?
Nothing in life is to be feared, it is only to be understood.
  • #5
  • Jul 22, 2018 7:07am Jul 22, 2018 7:07am
Quoting futurespec
It changes colour if High is highest for last 'period' bars OR Close if is > highest high for last 'period' bars and 'useClose' is set to true. HTH M. EDIT : (and vv for Low)
Thanks bud, definitely have a clearer understanding on how this indie fundamentally works.
Nothing in life is to be feared, it is only to be understood.
  • #6
  • Jul 22, 2018 7:09am Jul 22, 2018 7:09am
If you think I'm mad, I must be mad
  • #7
  • Jul 22, 2018 7:40am Jul 22, 2018 7:40am
Quoting futurespec
Thanks again for your initial response matey, was there anything you could see in the code that would indicate this indie could repaint?
Nothing in life is to be feared, it is only to be understood.
  • #8
  • Jul 22, 2018 8:02am Jul 22, 2018 8:02am
Try it now in new flavor (Lines in separate window).
Attached File(s)
File Type: mq4 SimpleBars matf nmc.mq4   12 KB | 667 downloads
  • #9
  • Jul 22, 2018 8:48am Jul 22, 2018 8:48am
Quote
Thanks again for your initial response matey, was there anything you could see in the code that would indicate this indie could repaint?

Not that I could see once bar is closed.

M.
If you think I'm mad, I must be mad
  • #10
  • Jul 22, 2018 1:46pm Jul 22, 2018 1:46pm
Quoting yoosif
Try it now in new flavor (Lines in separate window). {file}
Nice man, this looks great.
Nothing in life is to be feared, it is only to be understood.
  • #11
  • Last Post: Aug 11, 2018 3:33pm Aug 11, 2018 3:33pm
Quoting yoosif
Try it now in new flavor (Lines in separate window). {file}
Please, can you add an email or text function?
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