Indicator Edge Scanner
Most indicators look like they work simply because they track price - a momentum line that rises while price rises tells a trader nothing about whether that momentum actually predicts what happens next. This tool answers the real question directly: it correlates the indicator's value at each closed bar against the return over the following InpHorizon1/2/3 bars, and shows the Pearson correlation coefficient for each horizon in an on-chart panel. A coefficient near zero means the indicator, at least in this simple linear sense, is not carrying forward information over that horizon - useful to know before building a strategy around it. A coefficient that holds up consistently across multiple horizons is a much stronger signal than one that only appears at a single, possibly cherry-picked, lookahead distance. Every sample pairs the indicator's reading at a closed bar with the return computed strictly after it, using only bars that were already closed at the time being evaluated - there is no way for a later bar's outcome to leak into the correlation of an earlier one. Notes and limitations - Only the nine built-in indicators listed above are supported. Custom indicators are deliberately not read through iCustom, because that would require the trader's own compiled file to be present alongside this one, breaking the self-contained, single-file nature of a CodeBase submission. - Pearson correlation measures linear relationship only. An indicator with real but non-linear predictive power (for example, only predictive at extreme readings) can show a weak coefficient here despite being genuinely useful - this tool is a first filter, not a final verdict. - A high in-sample correlation is not proof of a tradeable edge out of sample; it does not account for spread, slippage, or the possibility that the relationship was a feature of the specific history window tested. - Requires enough loaded history for InpSampleBars plus the largest horizon; a symbol with a short local history shows "insufficient data" on the affected rows rather than a misleading figure.
Indicator · MT4 · v1.0 · Free
About Indicator Edge Scanner
Indicator Edge Scanner is an indicator for MetaTrader 4 based on MACD, RSI, CCI and ADX. It has 12 settings, such as Indicator name, Indicator buffer and Sample bars. MQL source code included.
Files in the download: IndicatorEdgeScanner.ex4, IndicatorEdgeScanner.mq4, IndicatorEdgeScanner.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Indicator name | Momentum | Built-in indicator name (Custom\<file> is NOT supported, see notes) |
| Indicator buffer | 0 | Buffer index to read from iCustom/iMomentum-style call |
| Sample bars | 500 | Closed bars scanned for the correlation sample |
| Horizon1 | 5 | Forward-return horizon 1, bars |
| Horizon2 | 10 | Forward-return horizon 2, bars |
| Horizon3 | 20 | Forward-return horizon 3, bars |
| Momentum period | 14 | Period used when InpIndicatorName is Momentum, RSI, CCI, ATR, WPR |
| Corner | CORNER_LEFT_UPPER | Panel corner |
| X distance | 10 | Panel horizontal offset, pixels |
| Y distance | 20 | Panel vertical offset, pixels |
| Font size | 9 | Row font size |
| Row height | 16 | Row height, pixels |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 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: Momentum · Dashboards & Scanners · MACD · RSI · CCI · ADX · ATR · MT4 Indicator · MQL4 Source Code