Measured Move Projection Tool
An AB=CD measured move projects a fourth point, D, from a third point, C, using the same price distance and direction as an earlier completed leg, A to B. This indicator builds confirmed swing points using strict fractals (bars each side, same-side runs collapsed to their most extreme point, so the result strictly alternates high/low/high), then, every time a new swing confirms and becomes point C, reads the two swings before it as A and B and projects D = C + (B - A). The projection updates automatically as new swings confirm - each new C replaces the previous one, so only the most recent A-B-C leg is ever projected. A small on-chart readout tracks how far the current close has travelled from C toward D as a percentage, clamped at 120% so an overshoot past the target is still shown as a number rather than disappearing off the top of the scale. Reaching 100% fires a one-time alert. Being honest about what this does not do: it does not filter for "good" measured moves by trend context, volume, or any other confirmation - every qualifying A-B-C swing triple gets a projection, which will include plenty that never reach their target. The completion percentage is a progress readout against a projected level, not a probability of that level being reached. Notes and limitations - Only the single most recent A-B-C leg is projected at a time; older projections are not kept on the chart once a newer swing replaces C. - The target is fixed the moment C confirms (InpSwingBars bars after it forms) and does not move afterwards, so the projection itself does not repaint - but a brand new A-B-C triple can appear each time a fresh swing confirms, changing which projection is currently shown. - No attempt is made to judge whether a given AB=CD leg is a "good" setup; every qualifying swing triple is projected regardless of broader trend or momentum context. - This is a level-projection tool, not an entry signal - reaching the target is reported, not traded.
Indicator · MT4 · v1.0 · Free
About Measured Move Projection Tool
Measured Move Projection Tool is an indicator for MetaTrader 4. It can alert you with a pop-up, sound, email or push message. It has 3 settings, such as Swing bars, Show legs and Alerts. MQL source code included.
Files in the download: MeasuredMoveProjection.mq4, MeasuredMoveProjection.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Swing bars | 5 | Bars each side required to confirm a swing |
| Show legs | true | Draw the A-B and B-C connecting legs |
| Alerts | true | Alert once when a projected target is reached |
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: Fractals · Alerts · MT4 Indicator · MQL4 Source Code