Setting up a Custom Arrows indicator
The Arrows option allows you to add an external indicator to your algorithm.
You can see examples of Arrows indicators here: https://nnfxalgotester.com/help/arrows/. The option can also be used with other elements such as balls etc.
How the Arrows option works:
As you can see in the image below, the Arrows option can be used to include indicators as C1, C2, Volume, Exit or Continuation. Each function will use the same indicator differently, so:
- As Main Confirmation (C1) or Continuation Indicator: A BUY signal is created whenever the "buy" element appears (here, the green arrow), and a SELL signal is created whenever the "sell" element appears (here, the red arrow).
- As 2nd Confirmation (C2): A BUY signal is accepted if the last element of the indicator to appear was the "buy" element. And a SELL signal is accepted if the last element of the indicator to appear was the "sell" element.
- As Volume Indicator: A BUY or SELL signal is accepted if the last element of the indicator to appear was the "buy" element (trade zone = volume in the market). The signal is blocked if the last element of the indicator to appear was the "sell" element (no-trade zone = market without volume).
- As Exit indicator: An Exit SELL signal (ie. to close a short position) is generated when the "sell" element appears. And an Exit BUY signal (ie. to close a long position) is generated when the "buy" element appears.
Arrows configuration:
To include an Arrows indicator, the indicator inputs, the indicator path and name and the two buffers representing the two different symbols created by the indicator must be placed in the "Indicator Parameters" section.
The indicator should be placed in MT4's indicators folder (MQL4\Indicators).
Pro tip: To reverse the operation mode, just switch the buffer positions, i.e. put the second buffer first and the first buffer second (for example, change from 2,4 to 4,2).