Float MetaTrader indicator is a sophisticated indicator that analyzes the previous chart history for the given currency pair and then tries to analyze the trends in the current situation.
It shows the trends' beginnings and ends in a separate chart window and the Fibonacci retracement levels combined with the DiNapoli levels on the main chart.
It also displays how long ago the local high and low were detected. This indicator is available for MT4 and MT5.
float (default = 200) — the amount of bars to process for trend analysis. The lower is the number the more current the data will be but the less accurate the analysis will be.
use_fibos (default = 1) — if 1 then Fibonacci retracements will be drawn on chart. If 0 then Fibonacci retracements won't be drawn on chart.
Backtesting (default = 0) — doesn't affect anything.
How to trade with Float indicator
As you can see, the trend's beginning and the end are marked clearly on the chart with this indicator. You can attach it and wait for the beginning of the next trend and then decide whether to buy or sell. Fibonacci retracement levels can be used for the target and stop-loss levels.
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How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Float indicator” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.
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