Median Forex Indicator For MetaTrader 4
The Median indicator for MetaTrader4 shows the average between the maximum and minimum price within a specified time range. The indicator offers traders the mid-point of a defined trading range by averaging peak and low values of the evaluated interval.
The indicator draws a pattern on the chart (running with price) and can be deployed to aid verify signals that are generated by other technical studies.
The Median indicator gives a vivid image of a currency pair’s daily trading prices. In most cases, traders can deploy this indicator as a tool to smoothen out the inconsistency of the closing price as it has figures on the entire trading say and not just on the close of the day.
This implies that the Median Indicator gives traders a clear picture of the middle point of every day’s price.
It is interesting to stress that the Median indicator incorporates the Average True Range (ATR) Bands along with the Median line. A buy signal is imminent if the yellow line crosses the red line upwards and price further opens and close above these lines.
We can place a sell entry if the yellow line of the Median indicator crosses the red line downwards, with price opening and closing below these lines. The outer aqua colored bands of the Median indicator serve as support and resistance level, as such when price trades around these bands, it indicates a possible reversal.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (per, Dep, K_ATR, Period_ATR), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month