Signal Cooldown Visualiser
A signal generator that fires several times in a tight cluster is usually not handing you several independent opportunities - it is handing you one opportunity and then a run of weaker echoes while the same short-term extreme is still resolving. This indicator shades a configurable cooldown window after every signal, and rather than assuming that repeat signals underperform, it measures it directly on the chart's own history: every historical signal is classified as "fresh" (no same-direction signal in the previous InpCooldownBars bars) or "repeat" (fired during another signal's cooldown window), and the average forward return of each group, in pips, is printed in an on-chart comment. The base signal is a self-contained RSI re-entry rule - RSI crossing back above InpRsiOversold after touching it (buy), or back below InpRsiOverbought after touching it (sell). Only a fresh signal opens a new shaded cooldown window; a repeat signal that fires inside an existing window does not restart the clock, otherwise a noisy run of echoes would shade the chart without end. This is a diagnostic overlay, not a trading rule by itself - it does not suppress or filter the underlying signal, it visualises where the dead zone historically sat and reports whether trading through it would have been worse, better, or roughly the same as waiting it out. Notes and limitations - The comparison is only as meaningful as the sample size shown in the comment - a handful of repeat signals on a short history is not statistically conclusive. - The base rule is a plain RSI re-entry signal; this indicator does not attempt to plug in an arbitrary external rule, so the shading and statistics only ever describe this specific rule's own behaviour. - Forward return is measured naively as the close-to-close move over InpEvalBars with no allowance for spread, slippage, or stops - a relative comparison between fresh and repeat groups, not a backtest. - Recomputes on every new bar close, not on every tick.
Indicator · MT4 · v1.0 · Free
About Signal Cooldown Visualiser
Signal Cooldown Visualiser is an indicator for MetaTrader 4 based on RSI. It has 7 settings, such as Rsi period, Rsi oversold and Rsi overbought. MQL source code included.
Files in the download: SignalCooldownVisualiser.mq4, SignalCooldownVisualiser.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Rsi period | 14 | RSI period driving the base signal |
| Rsi oversold | 30.0 | Buy signal: RSI crosses back ABOVE this level |
| Rsi overbought | 70.0 | Sell signal: RSI crosses back BELOW this level |
| Cooldown bars | 12 | Bars after a signal treated as its dead zone |
| Eval bars | 10 | Bars forward used to score each signal's outcome |
| Max history bars | 2000 | How far back to scan when building the fresh-vs-repeat stats |
| Cooldown color | clrDimGray | Shading colour for the dead zone (drawn with transparency via style) |
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: RSI · Buy/Sell Arrows · MT4 Indicator · MQL4 Source Code