FEN Indicator Instructions
- Current Version : 3.0
- Release Date : January 08, 2019
- Availability : Full & Demo (instant download from forum)
- For the DEMO version: Skip to step #2.
- For the FULL version: The indicator needs to be unlocked on your PC. In order to do this, we need to know your unique computer ID (CID) and then register it in the system. Download and run the program called 'showmycid.exe'.
Then copy the CID exactly as displayed and paste it into an email to us. We will then unlock the product for your computer and notify you. This same procedure needs done for every computer that will be used.
- You will need to find your platform's Data Folder. Go to 'File' at the top left corner of MT4 and select 'Open Data Folder'.
- Navigate to the 'MQL4' folder. Open this folder and you will see more folders inside called 'Indicators' and 'Libraries'. Copy the ex4 file into the 'Indicators' folder. Copy the dll into the 'Libraries' folder.
- Go to the 'Navigator' and right click over the custom indicators section and select 'Refresh'. Or you can simply restart the Metatrader platform. Either way it is done, the indicator should then be visible in the Metatrader 'Navigator' window.
- Make sure you are connected to the internet.
- Attach the FEN indicator to the desired chart just like you would with any other custom indicator.
- The indicator's settings box will display. Input the desired settings under the 'Common' and 'Inputs' tabs (see below) and click on the 'OK' button.
- This indicator requires the use of DLL imports in order to operate. Enable the 'Allow DLL imports' safety setting.
- This indicator does not require the import of external experts. Enabling or disabling the 'Allow external experts imports' setting is irrelevant to the functioning of this indicator.
- The setting called 'Allow modification of Signals setting' is irrelevant to the functioning of this indicator. Enabling or disabling this setting does not matter.
- Scan Other Charts
If true, the indicator will scan additional charts other than the chart it is currently running on. It will scan those charts looking for signals and display any of those signals on the dashboard. Note: The indicator will not alert or draw lines for these additional scanned charts.
- Reversal Candles
This input controls the clarity of the reversals used by the indicator. For example, if set to 2 then this means that a past reversal must have a lower low or a higher high that exceeds at least 2 candles to the left side and 2 candles to the right side. If a reversal does not meet this criteria, it will be disregarded by the indicator and not used in any calculations. Setting a lower number increases the # of possible reversals that the indicator can use for calculations. As a result, there will be more predictions produced. However, doing so will slow down the program and cause predictions to be less reliable. Setting a higher number decreases the # of possible reversals the indicator can use for calculations. As a result, fewer predictions will be produced. However, doing so would increase the speed of the program and would also increase the accuracy of the predictions.
- Min. Strength
This controls the minimum strength that a prediction must be in order for it to be displayed. This input can be used to filter out low reliability predictions. For example, if set to 3 then any predictions with only a strength of 2 would not be shown.
- # Candles Back
This controls the number of candles back that the indicator will consider. The higher the number, the slower the program will be but the greater the number of predictions. The lower the number, the faster the program will be but the predictions will be fewer.
The indicator is able to alert you whenever it is currently the time of a signal. Alerts will occur only for signals produced from the current chart and NOT scanned charts which the indicator is not running on. This input controls the type of alerts received. The selections are self-explanatory. Please note, for email and mobile alerts, you must have the correct settings set in the MT4 platform in order for these to work. The settings can be found by going to 'Tools' at the top of MT4 and then to 'Options'. The email settings are located at the 'Email' tab and the mobile alert settings are located at the 'Notifications' tab.
This input allows you to choose your preferred method for displaying signals. You can choose to show the dashboard only, lines only, or nothing at all.
There are 3 optional color inputs so you can change the colors of the dashboard, buttons, and lines.
Tips for manual traders
The main concept to understand about the indicator is that it collects a pool of past reversal points and uses them in it's calculations to predict when future reversal points will happen. So it collects the pool of past reversals, performs all the necessary calculations required, and then plots the predictions on the chart. The predictions are displayed as vertical lines on the chart and/or in a panel. The vertical lines represent future times that you will be looking to trade at. Since the lines are futuristic, this is why they are drawn to the right of the chart where no candles have yet been formed. As the market progresses, new candles will form until eventually the current market time equals one of the vertical lines. When this happens, expect some type of market reversal to occur. Please read the indicator's setting descriptions as stated above in order to understand what will affect the drawing of the future prediction lines. See the 'Screenshots' page to see examples of what a future vertical line would look like and the before and after results.
- If you are using the indicator and no future lines are drawn, it doesn't mean the indicator is not working. It simply means conditions for a prediction have not been met yet. There are 3 settings that control the sensitivity of the predictions. If you see no lines then you have 2 options:
- You could either wait for the market to progress some more so more candles close. Then the indicator will automatically consider newly formed reversal points, like always, and draw some predictions.
- You could decrease the sensitivity using the settings. This can be done by increasing the '# Candles Back', or by decreasing the 'Min. Strength', or by decreasing the 'Reversal Candles'.
- If you are using the indicator and too many future lines are drawn, it doesn't mean the indicator is not working. It simply means you need to increase the quality of the predictions using the settings. This can be done by decreasing the '# Candles Back', or by increasing the 'Min. Strength', or by increasing the 'Reversal Candles'.
- Our indicator does not repaint since it uses confirmed reversal points in the past and a mathematical equation to produce the future predictions. Both of which are not dynamic. So the lines it draws are set and will not move around. Nor will they appear after the market has already moved past their points in time. All lines are drawn in advance and are in a set position.
- Our formula is used to predict in advance when reversals will occur. Since reversals are being predicted, we need to expect the market
direction to reverse. In order to know the direction of the trades, briefly review the prior market direction right before the order time. For example, if the prior 2-3 bars were bearish then you should expect the market to reverse up at order time so a buy order should be placed. And vice versa. If the prior market movement is unclear, not well-defined, or flat then it might be best to skip the prediction. In such a case like, it would be better to be safe rather than sorry.
- It is also recommended that traders use multiple time frames when making the predictions. For example, if on the H4 the indicator displays
a line on the 16:00 candle then we know that sometime on the 16:00 a reversal is expected to start. However, if a trader would use the H1 at the
same time then two things are possible. First, it would be possible for a more accurate time to be produced. Since a prediction on a 4 hour candle is not precise since each candle is 4 hours in duration (16:00-20:00), then a trader could use the H1 chart also. If the H1 chart shows a prediction line at 17:00 then we have a more precise time to trade. Secondly, if the market direction prior to the H4 candle and the market direction prior to the H1 candle are both in the same direction and match, then the reliability of the prediction is increased.