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Average Sentiment Oscillator – indicator for MetaTrader 4

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Old 01-03-2018, 14:59
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Default Average Sentiment Oscillator – indicator for MetaTrader 4

ATS_Mode1_small.png

This is an improvement on the formula we used for the sentiment meter within FX Multimeter III. We suggest using it as a relatively accurate way to gauge the sentiment of a given period of candles, as a trend filter or for entry/exit signals.

It’s a combination of two algorithms, both essentially the same but applied in a different way. The first one analyzes the bullish/bearishness of each bar using OHLC prices then averages all percentages in the period group of bars (eg. 10) to give the final % value. The second one treats the period group of bars as one bar and then determines the sentiment percentage with the OHLC points of the group. The first one is noisy but more accurate in respect to intra-bar sentiment, whereas the second gives a smoother result and adds more weight to the range of price movement. They can be used separately as Mode 1 and Mode 2 in the indicator settings, or combined as Mode 0.

How to install Average Sentiment Oscillator – indicator for MetaTrader 4.mq4?


    Download Average Sentiment Oscillator – indicator for MetaTrader 4.mq4
    Copy Average Sentiment Oscillator – indicator for MetaTrader 4.mq4 to your Metatrader Directory / experts / indicators /
    Start or restart your Metatrader 4 Client
    Select Chart and Timeframe where you want to test your MT4 indicators
    Search "Custom Indicators" in your Navigator mostly left in your Metatrader 4 Client
    Right click on Average Sentiment Oscillator – indicator for MetaTrader 4.mq4
    Attach to a chart
    Modify settings or press ok
    Indicator Average Sentiment Oscillator – indicator for MetaTrader 4.mq4 is available on your Chart

How to remove Average Sentiment Oscillator – indicator for MetaTrader 4.mq4 from your Metatrader Chart?


    Select the Chart where is the Indicator running in your Metatrader 4 Client
    Right click into the Chart
    "Indicators list"
    Select the Indicator and delete

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