Metatrader - Free & Powerful

This blog will cover comments on my various indicators and experts posted on www.mql4.com. Metatrader 4 is an automated forex trading platform that can automate the trading process with the use of "experts". The platform is free, supplied by the brokerage company as an incentive to trade through them. Overall it is robust and widely used, with a very powerful programing language capable of implementing any trading strategy.

An expert is a program written in MQL that specifies the rules for opening and closing positions, with an ultimate aim of automating a profitable trading strategy.

I will also develop a number of custom indicators from trading concepts I have and give the background on how and why I've put them together

People are often rather secretive when discussing their trading strategies as there is a concern that if it is profitable it will be replicated and used by others, reducing the effectiveness of the strategy. I prefer an approach that sharing and discussing trading strageies can provide new ideas and improvements that will ultimately benefit all involved. Questions and feedback are welcome, also if you've got any interesting approaches let me know.

My approach is a technical one in which the only information used is the information contained in the price history, the reasoning behind this is that this is the only reliable and standardised information that can be easily factored into an automated trading strategy.

My first indicator I've decided to post is Drive. This indicator takes into account the open, high, low and close of each bar. You can download it from MQL4 at http://codebase.mql4.com/639

Value is calculated as follows:
Up (Green) = ((High - Open) + (Close - Low))/2, averaged for the selected period;
Down (Red) = ((Open - Low) + (High - Close))/2, averaged for the selected period.

The indicator displays a red and green line. When the green line is above the Red line the market has been bullish as the up drive is greater than the down. When the Red is above the Green the market is bearish.