Point of Balance (POB) Metatrader 5 Forex Indicator
POB is short for Point of Balance Metatrader 5 indicator, and serves as a tool that is used to depict current trend by aligning the candles above or below its triple line channel.
The POB MT5 indicator is primarily a three line channel indicator that is displayed within the price chart.
The lines are filled red, blue and green.
The red and green lines are bother aligned to the upper outer and lower outer boundaries of the channel respectively, while the blue line stays in the middle of the channel.
There’s just one input parameter found on the POB Metatrader 5 forex indicator:
Period – defines the calculation period
The formula that defines the POB MT5 indicator is as follows:
BL = (MinH+MaxH)/2,
BR = (MinL+MaxL)/2,
POB = (BL+BR)/2,
MinH, MaxH – is the maximum and minimum of HIGH prices over the period;
MinL, MaxL – is the maximum and minimum of LOW prices over the period.
The indicator predicts choppiness when price trades within the channel of the POB custom Metatrader 5 indicator.
A bullish sentiment is said to be in focus when the candlesticks are aligned above the channel of the POB MT5 indicator, while a bearish sentiment is in view the candlesticks are aligned below the channel of the POB Metatrader 5 indicator.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the POB.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)