The Wiseman Metatrader 5 custom indicator is essentially geared at showing the candlestick, on which the trend has altered its direction. The creator of the Wiseman MT5 indicator is Pavel Kulko.
The indicator borrows its ideas from Bill Williams in one of his books. This is essentially for reference purposes only.
Trading this indicator alone does not offer you a one-way ticket to profit, deploying the Wiseman Metatrader 5 indicator as a confirmation tool will obviously make more sense.
If the indicator displays a pink vertical bar on the activity chart, the trend is said to have changed for bearish; if it is green, then we can also deduce that the trend has changed for bullish.
A green bar gets put up on the chart at the instance when the current High is above the previous one and the price has closed below the middle of the price bar or candlestick range (High + Low) /2.
In the same way, if a pink bar gets put up on the activity chart at the instance when the current Low is below the previous one, and the close price is above the middle of the price bar or candlestick range.
The indicator has just a single customizable variable that has a default value of zero.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable, Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Wiseman.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)