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Sharp rise/drop indicator
- Overview
- How to install
- How to set up
Display:
The sharp rise/drop indicator detects symbols that have exceeded a set price threshold within a given period and notifies the user using arrows and alerts. Detect sharp movements in price in real time to catch strong trends and rebound opportunities.
Features
Customize by minutes and price range
The sharp rise/drop indicator can be customized by the "Validation time" and "Validation pips". Customize these settings according to symbols and strategies of your choice.
The "Validation time" parameter defines the period in minutes to determine the sharp rise/drop in prices. The validation is done in the 1-minute timeframe, independent of the timeframe set for the original chart. For instance, if you set this to "5", the indicator will look for a sharp rise/drop in prices within 5 minutes.
The "Validation pips" parameter defines the price range to determine the sharp rise/drop in prices. If you set this to "20" and the price fluctuates by 20 pips within the given period, the indicator will display an arrow on the latest candlestick. A downward arrow indicates a "sharp drop" while an upward arrow indicates a "sharp rise" in prices.
| Name | Condition |
|---|---|
| Sharp drop signal | Shows up when the drop in price during the "Validation time" is equal to or greater than the "Validation pips" |
| Sharp rise signal | Shows up when the rise in price during the "Validation time" is equal to or greater than the "Validation pips" |
| Sharp drop signal |
|---|
| Shows up when the drop in price during the "Validation time" is equal to or greater than the "Validation pips" |
| Sharp rise signal |
| Shows up when the rise in price during the "Validation time" is equal to or greater than the "Validation pips" |
Can't display multiple arrows
Once the sharp rise/drop indicator detects a sharp movement in price and displays an arrow on the chart, it won't disappear. Therefore, even if the price fluctuates multiple times within a single candlestick, the maximum number of arrows that'll be displayed on the chart will be two, one upward (sharp rise) and one downward (sharp drop). However, you'll get a notification every time the indicator detects a sharp rise/drop. If you wish to see more arrows, use a shorter timeframe chart.
Various notifications
You can receive notifications from the sharp rise/drop indicator via MetaTrader4/MetaTrader5, e-mail, or push notifications on your smartphone. Get real-time updates on sharp price fluctuations through your e-mail or your MetaTrader4/MetaTrader5 app on your phone so you'll never miss another opportunity.
Please note that settings on MetaTrader4/MetaTrader5 are required to receive email alerts and push notifications.
| Related article: | Set email alerts |
| Set push notification alerts |
If the indicator detects a sharp rise/drop, you'll get the following notification.
Number |
Item name |
Description |
|---|---|---|
1 |
Symbol |
Shows the symbol that saw a sharp rise/drop in price. |
2 |
Price |
Shows the rate at which the sharp rise/drop was detected. |
3 |
Sharp rise/drop |
Shows "↓" for sharp drop, "↑" for sharp rise. |
Set the restart timer for the indicator
If the price fluctuation is high, you may end up receiving multiple notifications. To avoid this, you can set a timer to stop the indicator from detecting another sharp rise/drop in prices after the initial one.
Enter the number in minutes in the "Interval timer" parameter and the indicator will not look for sharp rises/drops during that time.
For instance, if you set the "Interval timer" to "5", the indicator will restart looking for a sharp rise/drop 5 minutes after the initial one.
Also available for non-forex symbols
You can use the sharp rise/drop indicator for non-forex symbols as well. The pips unit corresponds to the last 2 digits, including the decimal places. The pips unit varies by the number of digits in a symbol. Please refer to the chart below for more details.
| Number of decimal places | 1pips | 0.1pips |
| 5-digit symbol | 0.00010 | 0.00001 |
| 4-digit symbol | 0.0010 | 0.0001 |
| 3-digit symbol | 0.010 | 0.001 |
| 2-digit symbol | 0.10 | 0.01 |
| 1-digit symbol | 1 | 0.1 |
| 0-digit symbol | 10 | 1 |
| 5-digit symbol | |
|---|---|
| 1pips | 0.00010 |
| 0.1pips | 0.00001 |
| 4-digit symbol | |
| 1pips | 0.0010 |
| 0.1pips | 0.0001 |
| 3-digit symbol | |
| 1pips | 0.010 |
| 0.1pips | 0.001 |
| 2-digit symbol | |
| 1pips | 0.10 |
| 0.1pips | 0.01 |
| 1-digit symbol | |
| 1pips | 1 |
| 0.1pips | 0.1 |
| 0-digit symbol | |
| 1pips | 10 |
| 0.1pips | 1 |
For instance, if the price of GOLD has 2 decimal places and is traded at "1799.28", 1pip refers to "2" and 0.1pips refers to "8".
How to install
To use the sharp rise/drop indicator, install the "【Myforex】Sharp Rise_Drop Indicator" file on MetaTrader4/MetaTrader5.
Step 1
Click "File" from the menu bar at the top of MetaTrader4/MetaTrader5 and choose "Open Data Folder".
Step 2
After opening the data folder, double-click the folder "MQL5 (MQL4 for MetaTrader4)" in it to open it.
Step 3
Double-click to open "Indicators" folder in the MQL5 file.
Step 4
Save the "【Myforex】Sharp Rise_Drop Indicator" in the "Indicators" folder.
Step 5
Once the file is in the folder, right-click "Indicators" in the Navigator and choose "Refresh" from the displayed menu.
Step 6
After checking that the sharp rise/drop indicator is shown in the "Indicators" of the Navigator, apply it to a chart by double-clicking or dragging and dropping.
Step 7
Refer to the "How to set up" page to make further settings in the "Inputs" tab, then click "OK".
Step 8
The sharp rise/drop indicator is applied to the chart. It won't display anything if the conditions are not met. Once it detects a sharp rise/drop, an arrow will appear as below.
How to set up
After applying the indicator to the chart, set the parameters according to your style.
Step 1
First, open the "Inputs" tab.
Step 2
Set the parameters as follows.
Validation settings
Number |
Item name |
Description |
|---|---|---|
1 |
Validation pips |
Set the price range by pips to determine the sharp rise/drop in prices. If you set this to "20", an arrow will show up on the latest candlestick if the price fluctuates by 20 pips within the given period. |
2 |
Validation time |
Set the period by minutes to determine the sharp rise/drop in prices. If you set this to "12", the indicator will look for a sharp rise/drop in the past 12 minutes. |
3 |
Interval timer |
Set the interval timer in minutes to restart the indicator. If you set this to "10", the indicator will stop looking for sharp rises/drops for 10 minutes after the initial one. |
Alert settings
Number |
Item name |
Description |
|---|---|---|
4 |
Alert |
Select ON or OFF for the alert. If it's ON, you will be notified with a pop-up alert and sound on MetaTrader4/MetaTrader5 when there is a sharp rise/drop. |
5 |
Email alert |
Select ON or OFF for the email alert. If it's ON, you will be notified with an email to your set email address when there is a sharp rise/drop. Related article: Set email alerts |
6 |
Push notification |
Select ON or OFF for the push notification. If it's ON, you will be notified via the mobile MetaTrader4/MetaTrader5 app when there is a sharp rise/drop. Related article: Set push notification alerts |
Created
: 2022.06.30
Last updated
: 2022.09.30
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