The xhmaster formula indicator takes a vote. Price against a fifty-bar average gives one score. RSI against its midline gives another. The MACD histogram gives a third. Only a unanimous result earns an arrow.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 4: XH Master BUY, XH Master SELL, XH Trend Ribbon, XH Strength |
| Alerts | popup, push notification, email, sound |
| Inputs | 15 |
What the Xhmaster formula Indicator draws on the chart
A medium purple `XH Trend Ribbon` carries the fifty-bar average.
`XH Master BUY` uses arrow 233 in spring green.
`XH Master SELL` uses arrow 234 in orange red.
A gold `XH Strength` dot marks the ribbon when the vote is unanimous.
- XH Master BUY: arrow, spring green, width 2, arrow code 233
- XH Master SELL: arrow, orange red, width 2, arrow code 234
- XH Trend Ribbon: line, medium purple, width 2
- XH Strength: arrow, gold, width 2, arrow code 159
How the Xhmaster formula Indicator calculates its values
Three scores, one total
Price above `EmaPeriod` `50` scores plus one. RSI above `RsiMidline` `50.0` scores plus one. A positive MACD histogram scores plus one. Each can also score minus one.
Only three agrees
The three scores add up. A total of plus three or minus three fires an arrow, and anything between them produces nothing at all.
Range sets the spacing
iATR at `AtrPeriod` `14` times `ArrowAtrMult` `0.6` decides how far a mark sits from the candle. `MinBarsGap` `3` then spaces same-side marks apart.
How to read the signals
An arrow means three independent readings all point the same way.
The ribbon shows the trend half of that vote directly.
Unanimity is demanding, so marks stay scarce.
Three correlated readings often agree for one underlying reason.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
`EnableAlerts` is the parent toggle and starts true with `EnablePopup`. `EnablePushNotify` reaches a handset, `EnableEmail` posts mail and `EnableSound` plays `SoundFile`. Those three ship off. A unanimous vote reports once a bar.
Every Xhmaster formula Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
EmaPeriod |
Trend EMA period. Bars in the trend average, default `50`. | 50 |
RsiPeriod |
Momentum RSI period. Bars in the momentum reading, default `14`. | 14 |
RsiMidline |
RSI cross level. Level the momentum reading gets compared with, default `50.0`. | 50.0 |
MacdFast |
MACD fast EMA. Quick average inside the MACD score, default `12`. | 12 |
MacdSlow |
MACD slow EMA. Slow average inside the MACD score, default `26`. | 26 |
MacdSignal |
MACD signal SMA. | 9 |
AtrPeriod |
ATR (arrow offset). Bars behind the arrow spacing, default `14`. | 14 |
MinBarsGap |
Min bars between same-side signals. Bars before another mark on the same side, default `3`. | 3 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowAtrMult |
Arrow gap = mult * ATR. Arrow gap as a share of range, default `0.6`. | 0.6 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Parent toggle for the vote alerts, default `true`. | on |
EnablePopup |
Terminal box on a unanimous vote, default `true`. | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
(see inputs panel) | off |
SoundFile |
(see inputs panel) | alert.wav |
Settings that fit your chart
Three readings need history to settle. EURUSD H1 is the reference chart. There `EmaPeriod` `50` covers two days. On M5 unanimity arrives several times a session. H4 makes each arrow rare.
When the Xhmaster formula Indicator fails
Trend, momentum and MACD all derive from price, so they are far from independent.
Demanding unanimity means missing the start of most moves.
A score of plus two produces nothing, however close it was.
Copy the compiled Xhmaster formula Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Background reading on the method behind the Xhmaster formula Indicator: Magic formula investing on Wikipedia, Distance From Lows at StockCharts ChartSchool.
Download the Xhmaster formula Indicator for MT4 and MT5
The zip holds the compiled Xhmaster formula Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
What does the XH Strength dot mark?
A bar where all three scores agree, drawn on the ribbon in gold. It marks the same state as the arrow, placed on the average so you can trace a run of them.
Why does RsiMidline sit at 50.0?
Because the vote wants direction rather than an extreme. Fifty splits the reading in half, so the score simply asks whether momentum leans up or down instead of whether it is stretched.
Do EmaPeriod and RsiPeriod score independently?
Not really, and that is the honest limit here. Trend, momentum and MACD all come from the same price series. They tend to agree for one underlying reason rather than three.
What does MinBarsGap 3 prevent?
A cluster of arrows during a strong run where the vote stays unanimous bar after bar. Three bars of spacing turns that into a handful of marks instead of a solid line of them.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Xhmaster formula Indicator as one input. Always backtest before trading live.
Category: this is part of our Signal and Forecast collection. Browse more Signal and Forecast for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- Learn more about the underlying method in Magic formula investing on Wikipedia.
- For wider market background, see Distance From Lows at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.