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Creating Custom Indicators in MetaTrader

The document discusses how to create custom indicators in a trading platform by using indicator buffers and conditions to define the display style and behavior. It provides examples of creating indicators that show arrows and lines that change color based on moving averages.

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Enrique Blanco
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292 views3 pages

Creating Custom Indicators in MetaTrader

The document discusses how to create custom indicators in a trading platform by using indicator buffers and conditions to define the display style and behavior. It provides examples of creating indicators that show arrows and lines that change color based on moving averages.

Uploaded by

Enrique Blanco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Every indicator has one or more buffers that define the indicator style.

For example, an indicator displaying blue


and red arrows has one buffer for blue arrows and a second buffer for red arrows. An indicator displaying a
single line over the price chart has just one buffer – the line.
 
To define when the indicator buffer (e.g., an arrow) is displayed, click on Add condition.
Various conditions are explained in the Add condition topic.
 
To define the display style of the indicator (i.e., line or arrow, color, size, etc.), click on the Display style icon.
 

 
Follow the video How To Create Indicators to learn how to create a simple indicator that shows up and down
arrows based on the Stochastic Oscillator. This is a good starting point for creating your own indicators. You can
add as many conditions as you want and you can mix different indicators in the conditions.
 
 
Example: Display arrows (as seen in the video tutorial)
 

 
 
Example: Line indicator
 
Let's draw a simple moving average with period 34 that changes color:
 
• to green when the price is above the moving average;
• to red when the price is below the moving average.
 

 
This means we need two indicator buffers: one for the green line and one for the red line. Add the following
condition to define when to draw the green line:
 
• Candlestick Close is above Moving Average (Period: 34)
 

 
Please note that we have used the Candlestick tab instead of Price because Price returns the most recent price
while Candlestick returns the historical price. Read more about candlesticks in the Candlestick topic.
 
Next, define the Display style:
 
 
Create the opposite condition for the red buffer, and this is what our final indicator looks like:
 

Tip: If you choose Arrow Type: Custom, see the list of arrow codes.

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