Confirmation Lag Meter
"Wait for confirmation" is standard advice, and it is not free. Every bar spent waiting for a raw signal to confirm is a bar where price can run further away from the entry the raw signal originally pointed at. This indicator measures that cost directly rather than assuming it is small: a raw signal fires the first moment RSI touches an extreme zone (InpRsiOversold or InpRsiOverbought), and confirmation fires when RSI re-enters the normal range afterward. The gap between those two moments is what gets measured, in both bars waited and pips moved, not the signal itself. Every historical raw/confirmed pair across the scan window is aggregated into two numbers shown in an on-chart comment: the average number of bars waited, and the average absolute price move between the raw touch and the confirmed re-entry. A raw signal that never confirms within InpMaxWaitBars is counted separately as "timed out" rather than folded into the average, since an indefinite wait is a different outcome from a slow-but-eventual confirmation. On the chart itself, small yellow markers mark every raw touch and lime markers mark every confirmed re-entry, so the lag is visible bar-by-bar in addition to the aggregate statistic. Notes and limitations - Pip distance is measured as the absolute close-to-close move between the raw and confirmed bars, with no allowance for spread, slippage, or which direction was favourable - it prices the wait, not the trade outcome. - The base rule is a fixed RSI extreme-touch/re-entry pair; this is not a general-purpose lag meter for an arbitrary external signal. - A raw signal can occasionally still be "in zone" when the scan window ends, in which case it is neither confirmed nor counted as timed out for that run - normal behaviour at the edge of the available history, not a bug. - Recomputes on every new bar close, not on every tick.
Indicator · MT5 · v1.0 · Free
About Confirmation Lag Meter
Confirmation Lag Meter is an indicator for MetaTrader 5 based on RSI. It draws buy and sell arrows on the chart. It has 5 settings, such as Rsi period, Rsi oversold and Rsi overbought. MQL source code included.
Files in the download: ConfirmationLagMeter.ex5, ConfirmationLagMeter.mq5, ConfirmationLagMeter.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Rsi period | 14 | RSI period driving raw/confirmed markers |
| Rsi oversold | 30.0 | Raw buy signal: RSI first drops to/below this level |
| Rsi overbought | 70.0 | Raw sell signal: RSI first rises to/above this level |
| Max wait bars | 30 | Give up waiting for confirmation after this many bars |
| Max history bars | 3000 | How far back to scan when building the lag statistics |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: RSI · Buy/Sell Arrows · MT5 Indicator · MQL5 Source Code