The Dynamic balance point Metatrader 5 indicator is uniquely used to calculate the dynamic balance point for the stipulated period.
Despite the fact it is a sort of a multi timeframe indicator, it calculates the balance point devoid of normal problems that the multi timeframe indicators face i.e. the recalculation.
The balance point is calculated correctly for the most recent timeframe and most recent timeframe activity chart values, as such, this is not recalculation in anyway.
The indicator displays two input parameters:
Dynamic balance point period – defines the period of the dynamic balance point;
Dynamic balance point time frame – defines the timeframe of the dynamic balance point.
The balance has an important role to play when trying to spot support or resistance level, or in detecting active stop losses (if you deploy them in managing orders/positions).
In situations when our Dynamic balance point are lower than the current close price(s), deploy it as a support level.
Seemingly, if our Dynamic balance point is above the close price(s), then it should be deployed as a resistance.
The more you increase the value of the Dynamic balance point period variable, the farther away the line moves from price, thereby increasing its possible resistance or support level.
In other cases, when price is above/below the Dynamic balance point Metatrader 5 indicator, a bullish or bearish market sentiment is in probable.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Dynamic balance point period, Dynamic balance point time frame), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | support/resistance
Copy and paste the Dynamic balance point.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)