What is this MT 4 indicator doing ?

Hello Members !

This is my first post in this Forum. I hope you understand my english, because my main language is german.

Please, can somebody tell me, what this indicator called "Butterfly" is doing? what are the rules behind his decissons (red/green and green arrows), how he generated the signals?

i hope you can help me.

thank you & happy trading

good luck for all !

Hello!

nobody can tell me, how this simple indikator generated the signals?

please tell me.

thank you.

Hello, Divecall

I did a research regarding that butterfly issue, and this is what I found.
Looks to me that this can be a pattern finder or so. Any way here is the link to the finding and if you ever got a question you may also try to use the search box on top of this great forum.

LINK: http://www.forexfactory.com/sitesearch.php?do=fastsearch&showposts=1&sortby=lastpost&order=descending&query=Butterfly+indicator&searchtype=site

Good lock to you,

BetoPips

Thank you very much.

Good luck for you, too.

Well this one is not a pattern recognition indicator and from my brief skim of the code is certainly not to do withe Gartley/Butterfly patterns ... it seems to be looking for significant highs and lows in history not something that will throw you an accurate arrow in real time.