Extreme Spike MTF Indicator for MetaTrader 5 Download - Free - [TFlab]

The Extreme Spike MTF Indicator is a practical and powerful tool for MetaTrader 5 that helps identify sudden peaks and troughs in the market, alerting traders to trend changes or price reversals.

By analyzing data across multiple timeframes, the Extreme Spike MTF offers high accuracy in assessing both short-term and long-term fluctuations.

It separates sharp bullish and bearish spikes, enabling traders to pinpoint entry and exit points with precision.

Indicator Table

Indicator in a Bullish Trend

In a bullish trend, the Extreme Spike MTF Indicator identifies key price reversal points.

As shown in the chart of the AUD/NZD currency pair on a 30-minute timeframe, the price rebounds from a downturn, signaling the possibility of a bullish trend.

The indicator highlights negative spikes, alerting traders to potential upward momentum.

Indicator in a Bearish Trend

On the 4-hour chart of the AUD/USD currency pair, the indicator emphasizes bearish momentum by highlighting upward spikes.

By accurately detecting these bullish spikes, the indicator alerts traders to potential bearish trends, helping them exit trades timely or avoid incorrect entry points during a bearish environment.

Indicator Settings

• Chart Theme: Background theme of the indicator;
• Timeframe: Selected timeframe, default is 0;
• Repaint Off: Setting to disable repainting;
• Major Extreme ATR Factor: Length of the major spike candlestick as a multiple of the minor spike; default is 2;
• Major Minor Ratio: Ratio of the minor spike to the major spike candlestick; default is 2;
• Minor Extreme Width: Calculated the width of the candlestick for minor spikes; the default is 2;
• Major Extreme Width: Calculated the width of the candlestick for major spikes; the default is 2;
• Major Low Alert: Enable alerts for detecting major spikes at lows;
• Major High Alert: Enable alerts for detecting major spikes at highs;
• Minor Low Alert: Enable alerts for detecting minor spikes at lows;
• Minor High Alert: Enable alerts for detecting minor spikes at highs;
• Stable Alert Alert for stable spike candlesticks.

Conclusion

The Extreme Spike MTF Indicator for MetaTrader 5 is a powerful tool for identifying sudden market peaks and troughs.

By analyzing multiple timeframes, it detects sharp bullish and bearish fluctuations, allowing traders to find optimal entry and exit points in volatile markets.