Forex Spread Multi Meter MT4 - Forex Trading Arena

A unified indicator inspired by xMeter offers a comprehensive view that typically requires multiple charts, indicators, and screen clutter. This tool was crafted to enhance precision in trade entries and exits and to provide an instant snapshot of currency pair movements. MultiMeter works on any currency or timeframe and includes the following

Standard Indicators:

A graph of Stochastic Oscillators spanning timeframes M1 to D1.

Market trend indication using Moving Averages across timeframes M1 to D1.

MACD direction on the current chart, indicating signal line and zero line crossings.

Direction of a fast 3-period LWMA crossing a 5-period SMA, with customizable periods.

Direction of the Parabolic SAR on the current chart, assisting in exit signals and entry confirmations.

An oscillating graph of the Williams %R indicator, known for its rapid movement and predictive quality, also useful for identifying overbought and oversold conditions.

A Bar Increase/Decrease meter visualizing the percentage rise or fall of the current price compared to the last four bars, offering a straightforward method to assess price movement strength.

MultiMeter also displays:

The overall recommended trading signal based on various indicator signals.

The spread of the currency in large, readable numbers.

New in Version 2:

• A History viewer with a vertical line that can be dragged over previous bars to display historical MultiMeter data (Beta version).
• A multi-timeframe Trend Graph showing the direction of seven customizable Moving Averages on seven timeframes.
• An OBOS Signal Map revealing overbought or oversold signals from seven different oscillators/indicators on seven timeframes.
• A customizable overall signal using a mix of current and multi-timeframe indicator signals.
• An option to toggle the Price/Chart/Currency display on or off.
• A switch between Default and Compact mode.
• Access to options without reloading onto a chart.
• Display of Trend Graph and Price.

Installation Instructions:

• Shut down MetaTrader if it is running.
• Copy the mq4 file to the Program FilesMetaTrader4experts directory.
• Copy the fonts from the zip file to C:WindowsFonts.
• Start MetaTrader and open MetaEditor.
• In the Navigator window on the right, double-click FX MultiMeter II to open it.
• Press the Compile button and return to MetaTrader.
• In the Navigator window on the left, open the experts folder and drag MultiMeter onto a chart.
• The options panel will appear, where the settings can be changed; click OK, and you are done. Compilation only needs to be performed once.

Options Note:

To access the options inputs for MultiMeter without reloading it, switch to the Monthly timeframe and press F7. By default, MultiMeter is disabled on the Monthly timeframe to allow option access because the code operates in an infinite loop, which normally blocks option access from a chart display. To counter this, the loop must be temporarily interrupted. The Monthly chart setting breaks the loop, disabling MultiMeter on this chart by default, but this can be changed in the options panel.

History Line:

Enables/disables the History Line. When MultiMeter is first loaded onto a chart, the History Line appears slightly ahead of the current time. Double-click and drag it across previous bars to display past indicator values in MultiMeter. You can delete the line at any time; however, changing timeframes will generate a new one if none is present. As long as the History Line is ahead of the current price, current readings will be provided. If not in use, it is best to delete it until needed again to prevent it from falling behind the current time. It is not perfect and misses bars past the weekend mark but is accurate for short-term history. It reads current indicators more accurately than multi-timeframe indicators.

Compact Mode:

Switches from the default full display to a smaller display that resembles MultiMeter v1. The Trend Graph or the OBOS Signal Map is not available in compact mode.

Display Price/Chart/Currency:

The Price/Chart/Currency display can be turned on or off, with customizable font size and color.

Use Monthly Chart for Options:

DisableMonthly disables MultiMeter on the Monthly chart so that options can be accessed by pressing F7 or from the Expert Advisors menu.

Processing Latency (Sleep):

This sets the pause value in milliseconds before the program loop restarts, with a default of 100. Adjust this for optimizing MultiMeter's responsiveness on your computer. Lower values increase responsiveness but may cause flickering.

Trendograph:

Shows trend waves of short and longer-term trends. Use DisplayTrendGraph to toggle between the Trend Graph and OBOS Signal Map. By default, the Trend Graph is displayed. The values for the seven Moving Averages can be set here, including the type (Simple, Exponential, Smoothed, or Linear Weighted), with Default set to Smoothed.

Overall Signal:

Configured to include or exclude the direction of most displayed indicators. The current indicators are from the current chart, while multi-timeframe indicators are the MAs from the Trend Bar. Choose which signals you want to include or exclude. By default, all current indicators and no multi-timeframe indicators determine the signal.

OBOS Signal Map:

Displays seven indicators plotted across seven timeframes. Except for Bollinger Bands, all are oscillators commonly used to identify overbought or oversold conditions. The indicators include MACD, Stochastic Oscillator, Williams %R, Money Flow Index, Commodity Channel Index, Relative Strength Index, and Bollinger Bands. A grey cross appears if the price enters an OB or OS zone, indicating a potential reversal. If the price reverses, the cross becomes green for Buy or red for Sell. More crosses suggest a significant OB or OS level. Zone values are customizable, with default values commonly used. Use the OBOS Signal Map when the market is sideways; oscillators are less reliable in strong trends. The MACD Buy or Sell signal is indicated by crossing the signal line. The Bollinger Bands signal with a grey cross if the price moves outside the bands, turning green or red upon reversal.

Indicator Values:

Adjust values such as the MAXover signal, MACD signal, Parabolic SAR signal, MA Trend Bar, WR, and Stochastics.

Interpreting the Signals:

Since MultiMeter directly displays various indicators, understanding their principles is crucial. 

The Bar Meter operates similarly to the Rate of Change indicator. The Overall Signal in the top right corner can be adjusted with various fundamental conditions. Spending a few minutes with the History Line should reveal more than what I can explain here. However, a simple way to interpret the Meter is as follows:

First, determine the long-term trend using the MA Trend Bar or Trend Graph. Check the PSAR reading on longer timeframes, such as H1 to W1. Next, identify the short-term trend with the MA Trend Bar, Trend Graph, MACD, MAX, and PSAR on shorter timeframes like M1 to M30. Use Stochastics, WR, and the OBOS Signal Map to pinpoint Overbought/Oversold conditions or minor price oscillations. The Bar Meter helps identify price acceleration or deceleration. MAX will generally be the initial signal after the Bar Meter indicating a reversal in price direction. MACD will soon confirm this MAX reversal. If the reversal is genuine, PSAR will follow. It is helpful for confirmation, particularly when exiting trades. The Overall Signal pulls together chosen indicators for trade entry confirmation. A simpler approach might be: if everything is Green, BUY; if everything is Red, SELL.

For a Reversal Trade setup example: The OBOS Signal Map indicates an extremely Oversold condition on M1 to H1 charts, suggesting a BUY. The Bar Meter shows that strong bearish price movement is slowing and beginning to rise. Although MACD is heading downward and MAX shows the fast-moving 3-period Linear Weighted MA is below the slower 5-period Simple MA, PSAR is still descending and hasn't yet reversed. This means the trend isn't broken. WPR is in Oversold territory. All MAs, except for the D1 timeframe, are trending downward. The Stochastic Oscillator across five timeframes is at rock bottom, indicating an extremely Oversold price condition. The current spread is 0.8 pips. In this scenario, the Overall Signal suggests waiting for confirmation before making a BUY move.

This approach helps in identifying the strength and direction of trends, ensuring informed trading decisions. Various indicators used in combination provide a comprehensive analysis, simplifying complex market scenarios for better understanding and action.