The Mass Index forex indicator for MetaTrader 4 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 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
How to install the Mass Index custom indicator in Metatrader 4?
- Download the Mass Index indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.