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Extreme Spike MTF

The Extreme Spike MTF indicator for MT4 detects spikes in the market. The Extreme Spike MTF Indicator is a great choice for traders who want to take advantage of potential price spikes in the market. Download for free! Try now!

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Description

The Extreme Spike MTF indicator for MT4 is a volatility-based Forex trading tool that detects significant price movement in the financial market. It identifies spikes in price movement across multiple time frames of the chart.

The indicator is often used as a technical analysis tool to identify the directional bias of the market or price breakouts. However, it is recommended to be used as a confluence with piece action/other technical indicators for better efficiency.

Features of the Extreme Spike MTF Indicator for MT4

The indicator detects and displays the extreme price movement on a separate window, below the main chart. Besides detecting spikes, it also identifies potential trend reversal zones after a spike in the price movement.

It paints a blue or red bar after a spike, which suggests that the price has reached a potential limit for a possible trend reversal. The blue and red bars also indicate signals for BUY and SELL trade entries, respectively.  Furthermore, this version of the Extreme Spike indicator is designed with a signal alert system to keep Forex traders informed about trading opportunities.

Benefits of Using the Indicator

  • Enhances Trend Analysis: The indicator helps Forex traders identify strong conditions and potential reversal zones with less hassle.
  • Improves Decision Making: The Extreme Spike MTF indicator can help traders make better decisions. For instance, a trader may consider holding a buy position if the indicator continually detects spikes to the upside, especially when the overall trend is bullish.

Indicator Settings Description

The indicator comes with the following customizable features:

Timeframe: Determines the time for analysis.

NoRepaint: Enables/Disables the indicator to repaint signals.

MinorMinExtremeHeightATRs: Defines minimum height for minor spikes.

MajorToMinorHeightRatio: Defines the height ratio for major and minor spikes.

MinorMinExtremeWidth: Defines the width of the minor minimum bar.

MajorMinExtremeWidth: Defines the width of the minor minimum bar.

AlertMajorButtomEnabled: Enables/Disables alerts for extreme price lows.

AlertMajorTopEnabled: Enables/Disables alerts for extreme price highs.

AlertMajorTopEnabled: Enables/Disables alert notification for major top spikes.

AlertMajorBottomEnabled: Enables/Disables alert notification for major bottom spikes.

AlertStableEnabled: Enables alert for stable trend.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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