Equal Extreme Cluster Zones
Equal highs and equal lows are watched as liquidity pools - clusters of resting stops that make a price level more likely to attract a run. The naive way to find them is to eyeball a chart for swings that look level; this indicator does it mechanically, and weighs the result by more than a simple touch count. Every confirmed fractal swing high or low is compared against existing shelves on its side. If it falls within the configured tolerance of an existing shelf, it merges into it: the shelf's price becomes a tick- volume-weighted average of every touch that built it, not just the first one, and its touch count and total volume both increase. A shelf only gets drawn once it has enough touches to be more than coincidence. Once a shelf is on the chart, it is watched for a sweep - a confirmed close beyond it by more than a small buffer. A swept shelf is not deleted; it turns grey and stays on the chart as a record that the liquidity there has already been taken, which is exactly the information a trader needs before assuming an untouched-looking level is still resting stops. Notes and limitations - A fractal swing needs InpSwingLookback confirmed bars on both sides, so the most recent swing is only recognised that many bars after it actually happened - this is standard for any fractal-based tool and not a defect, but it means the very latest swing will not appear immediately. - Volume weighting uses tick volume, the only figure MQL4 exposes on most forex feeds, not real traded volume. - The tolerance and sweep-buffer settings are both plain pip distances applied uniformly; a symbol whose typical range varies a lot across sessions may need different settings than the defaults suit. - Shelves are capped per side; a very choppy symbol or a wide tolerance can fill the cap and start dropping the oldest shelf before it is ever swept.
Indicator · MT5 · v1.0 · Free
About Equal Extreme Cluster Zones
Equal Extreme Cluster Zones is an indicator for MetaTrader 5. It draws buy and sell arrows on the chart. It has 8 settings, such as Swing lookback, Cluster tolerance and Min touches. MQL source code included.
Files in the download: EqualExtremeClusterZones.ex5, EqualExtremeClusterZones.mq5, EqualExtremeClusterZones.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Swing lookback | 3 | Bars required on each side to confirm a swing point |
| Cluster tolerance | 8.0 | How close two swings must be, in pips, to share a shelf |
| Min touches | 2 | Minimum swings before a shelf is drawn |
| Max shelves | 30 | Maximum shelves tracked per side (oldest dropped first) |
| Sweep buffer pips | 3.0 | Distance beyond the shelf that counts as swept, in pips |
| High shelf color | clrTomato | Shelf colour for an equal-highs cluster |
| Low shelf color | clrDodgerBlue | Shelf colour for an equal-lows cluster |
| Swept color | clrGray | Shelf colour once price has traded through it |
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: Volume · Fractals · Buy/Sell Arrows · MT5 Indicator · MQL5 Source Code