Predictive Forex indicator WmiFor uses the Spearman method, on the basis of which it predicts further possible price movement.
The indicator WmiFor belongs to the category of predictors. It selects the specified interval (default 24 bars) and compares the LWMA sequences with the LWMA sample sequences. Comparison is performed according to the Spearman method and additionally by sample height (by default, the difference in sample height should not exceed 10%). Having collected the required number of the most similar samples (default value is 5), the WmiFor indicator projects the price movement that took place in the past after all found samples to the current moment in time. Real candles, overlapping each other, form a corridor of possible price movement.
Using WmiFor indicator in trading
The corridor of possible price movements is drawn as brown stripes (cloud). If a cloud is found, at least two similar samples are displayed. Blue candles, which are located inside the cloud, are one of the possible scenarios for the price behavior of the selected currency pair. The brown lines are the “beginning of the sample” and “end of the sample”, which can be arbitrarily moved (after selecting them with a double click of the mouse). The forecast will be recalculated 1-2 seconds after the lines are moved.
The start and end can be fixed so that the sample does not move after new emerging candles (in this case, the forecast will be fixed and will not be redrawn on each new candle). For example, you can fix only the beginning of the sample, and the end of the sample will move after the new candles. In this case, each new candle will slightly refine the forecast (the size of the sample grows, but the beginning of the sample is fixed at one point). To generate a reliable forecast, the WmiFor indicator requires a history of quotes for the selected currency pair.
In the event that there are not enough similar patterns of behavior on history, the WmiFor indicator will advise you to reduce the severity of the comparison by lowering the ScalePercents parameter. But note that the forecast becomes less reliable in this case.
It is advised to install the WmiFor predictive Forex indicator on already loaded price chart. If it has already been added, and you switch the time scale or currency pair, and MetaTrader 4 loads the history of quotes to display a new price chart, the drawn corridor may disappear from the screen. There is nothing wrong with this; you need to switch to any other time scale and then back.
Features of WmiFor MT4 indicator
- Platform: Metatrader 4
- Ability to change settings: Yes
- Timeframe: any from 1 Minute to Daily
- Currency pairs: any
In WmiFor.zip file you will find:
Download WmiFor MT4 indicator for free: