Advanced Indicator User Manual

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Copyright © 2007, Adam Burgoyne & Oleg But

Revision 1.02, October 2007

Author : Adam Burgoyne & Oleg But

Website : 5emas-forex-trading-system.com
E-Mail : [email protected]
Publisher : Adam Burgoyne

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Disclaimer and Risk Warnings

Trading any financial market involves risk. The content of this e-book, its
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Although every attempt has been made to assure accuracy, we do not give
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which are mentioned below. No representation is being made that any
account will or is likely to achieve profits or losses similar to those shown.
In fact, there are frequently sharp differences between hypothetical
performance results and actual results subsequently achieved by any
particular trading program.

One of the limitations of hypothetical performance results is that they are

generally prepared with the benefit of hindsight. In addition, hypothetical
trading does not involve financial risk and no hypothetical trading record
can completely account for the impact of financial risk in actual trading.

For example: the ability to withstand losses or to adhere to a particular

trading program in spite of trading losses are material points which can
also adversely affect trading results. There are numerous other factors
related to the market in general and to the implementation of any specific
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Commodity Futures Trading Commission Futures and Options trading has

large potential rewards, but also large potential risk. You must be aware of
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 Description

This Custom Indicator has been created to assist you in trading some of
the 5EMAs Advanced strategies. It is based upon an existing indicator.

The indicator automatically monitors the markets and gauges the

momentum of the current trend.

Depending upon the strength and direction of the trend, thick or thin red
or green histogram bars will be displayed as appropriate.

By making use of this indicator, you can easily assess the likelihood of a
market reversal or simply the probability that the current trend will
continue.
Installation

First, ensure that you have installed MetaTrader 4.

If you don’t have it already then you can get a copy free of charge by
requesting a demo account here. You will normally receive a confirmation
e-mail that contains the download instructions for you.

Full installation and configuration details for MT4 are contained in the main
5EMAs Forex Trading System manual.

Copy the “5EMAsAdvanced.ex4” file (hopefully you downloaded this file

to somewhere easy to find, i.e. your Windows Desktop) to the
“experts\indicators” folder of your MetaTrader 4 installation. If you are
using the Finex ProTrader version then this will be:

C:\Program Files\Finex ProTrader\experts\indicators

If MetaTrader 4 was running when you copied the Custom Indicator file
across then you will need to restart the program before it will be
recognised.
Getting Started

When you launch MT4, you will see the standard interface.

If you updated the profile as suggested in the main 5EMAs FOREX

Trading System manual then your screen will look something like this…

And, if you didn’t, it will look something like this…

The first thing we need to do is go to the Tools – Options menu.

Select the Expert Advisors tab and ensure that the highlighted options
are set as shown.

You may also wish to uncheck “Disable experts when the account has been
changed” and “Disable experts when the profile has been changed” though
this is more of a convenience rather than a requirement.

Click “OK” to continue.

Next, click the small [+] to the left of “Custom Indicators” in the Navigator
pane.

This will expand out the Custom Indicators section to display the available
indicators:

Assuming that you copied the Advanced indicator to the correct folder, you
should be able to see that the list contains our “5EMAsAdvanced”
indicator along with the many standard indicators that are provided with
MetaTrader 4.

That being the case, the parameter settings for the Advanced indicator can
now be explained.
Left-click and drag the “5EMAsAdvanced” indicator to a chart.

If everything is correct then you will see a new dialog appear, as below:

This is one of the simpler indicators and the various options are therefore
contained in just one section:

General Details

ReviewPeriods:
The number of historical price bars to consider when computing the status
of the current indicator bar.
AuthentiCode:
Please enter your purchase receipt number into this field. Failure to do so
will cause the indicator to disable itself. Do Not Overlook This Point.

If you paid via ClickBank (even if you used PayPal as your funding option)
then enter the ClickBank receipt code from their purchase confirmation e-
mail.

If you paid directly via PayPal, enter the PayPal Transaction ID from their
purchase confirmation e-mail (you can also look up the Transaction ID by
checking your PayPal account history).

Without the correct code, the indicator will be unable to

authenticate with our server and will display a warning in the top-
left of its chart window that it is disabled.

If the “*** Indicator Disabled ***” message appears then type “Ctrl-I” by
holding the “Ctrl” key down and pressing the “I” key to open the
indicators list. Select the Advanced indicator by left-clicking it in the
indicators list then clicking the “Edit” button to open the Inputs dialog
again so that you can enter the correct AuthentiCode details.

You should only need to do this once – if the code has been entered and
accepted then it will be remembered each time you add the indicator to a
new chart.

Important: Authentication will not occur when the markets are closed.
Generally speaking, the default value for the indicator will be fine but you
may wish to specify your own setting in certain circumstances.

To change the “ReviewPeriods” setting, simply activate the property editor

by double-clicking the value area (the right portion of the parameter line)
as shown below and the property editor will activate.
Once the property editor is active, you will be able to type in a new value.

Clicking anywhere outside of the property editor will update the property
with the new value.

To save and use the new value, click the “OK” button, but not just yet as
the Common tab details should be checked first.
Before continuing, switch across to the “Common” tab and confirm that
the highlighted options are set as shown. If not, adjust them to match the
dialog image below:

Once all the settings are correct, just click “OK”.

If you wish to monitor multiple currencies then simply repeat this process
with other charts.

Okay…time to test everything out…

Going Live

If you have done everything correctly then your chosen chart will have a
new indicator window at the bottom that looks like the one highlighted in
red below:
If, however, your chart has an empty indicator window (as shown below)…

…then you have either forgotten to turn on the “Allow DLL imports” and/or
“Allow import of external experts” options that we covered a little earlier
(so just open the properties dialog and turn them on)…
…or you have entered the wrong AuthentiCode, so just re-enter it.

IMPORTANT: If the expert displays an ”*** Indicator Disabled ***” message in

the top left of its chart window for more than a few moments then press “Ctrl-I”
to open the indicator list then access the properties dialog of the indicator as
explained earlier and re-enter your purchase receipt number in the
AuthentiCode field on the Inputs tab.
The Final Stage

That’s it! Your 5EMAsAdvanced indicator is now correctly installed and will
help you gauge the strength and momentum of each move in the market
to help you identify potential entry and exit points.

As shown in the chart above, the strong uptrend (thick green bars) shows
that it is losing momentum as it flattens off and the narrow green bars
appear with some red tinges about 3 price bars before the market actually
turns downward. The strength of the downward move increases, indicated
by the lengthening thick red bars until that, too, loses momentum and the
market begins moving upward again, as signalled by the decreasing thin
red bars and the green tinges of the rapidly increasing thick green bars.

Well, that’s all there is to it! Everything is now ready for you to begin
trading.
An important fact to remember is that this indicator is designed to assist
you with finding entry and exit points. It is not designed to provide
validated trade entry signals. It is your responsibility to check the
charts as per the strategy and to consider any other current and imminent
market conditions before deciding to open a position.

If you would like to know more about Expert Advisors and Custom
Indicators, including how you can extend and enhance them, then you can
read about it in the MT4 Help System.

Although you don’t necessarily need to use the standard technical

indicators when you are using Custom Indicators, we certainly recommend
that you do – it never hurts to have additional information available at a
glance to confirm or ward you away from a potential trade entry!

All that remains is for us to wish you great success in your trading.

Sincerely,

Adam Burgoyne & Oleg But