If a trader dreams up some information that he’d like to see on the chart, a custom indicator is more than likely the way to go. Custom indicators support the display of
- Dashboards
- Buy and sell arrows
- Any type of line
Custom indicators require programming. That is, after all, the item which makes them custom.
The advantage to developing a custom indicator is that it offers maximum control over the process. The designer controls the inputs, which are the items that the user can change.
Moving averages, for example, offer common inputs such as the type (EMA vs SMA) and the period (a 55 period moving average). If you anticipate changing your mind later, it’s easy to facilitate that from the beginning.
Most traders care most about how the indicator looks on the chart. Whether you tend to focus on colors or prefer arrows over lines, the great thing about the custom process is that you can build the tool to match your tastes.
Some traders prefer the dark black background in MetaTrader. Others prefer lighter colors, which are easier on the eyes. It’s completely up to you, the designer, to dictate how the indicator should display the information.
Do you have a custom indicator that you’d like to create? Email us at info@onestepremoved.com with a description of what you’d like to build.