Mass Index Forex Indicator For MetaTrader4

The Mass Index forex indicator for MetaTrader4 was developed by Donald Dorsey and deploys the high-low range to spot reversals in trend in respect to expansions in range. In this vein, the Mass Index is a volatility technical studies that is devoid of a directional bias.

In its place, it spots range bulges that usually warn of a possible reversal in the current trend. Basically, the Mass Index does remarkably well at spotting impending change in trend, but cannot tell the direction the trend is changing.

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Download the “Mass_Index.ex4” MT4 indicator

Example Chart

mass-index-metatrader-4-indicator

Mass_Index tries to spot “reversal bulges” as described by its creator. When the Mass_Index moves above the 27 level, a bulge kicks in. The signal is not complete on the initial bulge.

The creator of this indicator waits for the bulge to reverse with a move below the 26.50 level. Upon completing the reversal bulge, chartist are expected to deploy other technical studies to ascertain the direction of the next price move.

The Mass_Index surges as the high-low range widens and dips as the high-low range narrows.

Preferably, a downtrend that is trailed by a reversal bulge would indicate a bullish trend reversal. On the contrary, an uptrend that is trailed by a reversal bulge is indicative of a bearish trend reversal.

To be able to yield more signals, chartist should deploy other analysis procedures to compliment the Mass_Index indicator.

Volatility can always be measured using standard deviation or other technical indicators like standard deviation, while the reversal bulge function of the Mass_Index can offer a matchless outlook regarding the condition of the market.

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Download the “Mass_Index.ex4” MT4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart window indicator

Customization options: Variable (EMAPeriod, SecondPeriod, SumPeriod), Colors, width & Style.

Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: volatility, trend

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