If you're looking to elevate your trading game, the M1MA indicator for MetaTrader 5 is a tool worth considering. This straightforward indicator calculates the closest average price per bar for timeframes above M1, utilizing data from corresponding M1 bars. The result? You get 'effective' prices on your chart that offer a fresh perspective on price action analysis and critical price levels.
Effective prices can provide you with valuable insights into market movements.
Key Parameters
- BarLimit: This parameter sets the number of bars to calculate, with a default of 100. It's crucial to manage this limit, as higher timeframes may require processing a lot of M1 bars, which could slow things down. Ensure your broker provides complete M1 history for the period you need. For instance, a single D1 bar requires 1,440 M1 bars to load!
- BarPeriod: This determines how many bars are smoothed on the host timeframe, with a default setting of 1. This means you'll see the pure effective price for each bar.
- M1Price: This is the price type used for calculations on the M1 timeframe, with 'close' set as the default.
The M1MA indicator works best on timeframes of M5 and above. For intraday traders, it's highly recommended!
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