Psychological Line
The Psychological Line counts, over the last N bars, how many closed higher than the bar before them, and expresses that count as a percentage. A reading of 75% means three out of every four bars in the window closed up; it says nothing about how big those up moves were, only how often price closed higher than not. That is the whole point of the indicator - it is a pure frequency-of-direction read, deliberately blind to magnitude, which makes it a genuinely different signal from a momentum or rate-of-change oscillator built from the same closes. Readings above roughly 75% are conventionally read as an overbought, sentiment-stretched market; below roughly 25% as oversold. The 50% level line marks the point where up and down closes are exactly balanced over the window. Notes and limitations - Needs at least InpPeriod + 1 bars of history before it plots. - Counts direction only, never magnitude - a window of ten 1-pip up closes and one 500-pip down close reads identically to ten 500-pip up closes and one 1-pip down close. This is by design, not an oversight. - Issues no alerts and defines no trade rule by itself.
Indicator · MT4 · v1.0 · Free
About Psychological Line
Psychological Line is an indicator for MetaTrader 4. It has 1 setting, such as Period. MQL source code included.
Files in the download: PsychologicalLine.mq4, PsychologicalLine.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Period | 12 | Lookback window in bars |
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: Trading Sessions · MT4 Indicator · MQL4 Source Code