Average Sentiment Indicator for MT4

Average Sentiment Indicator for MT4

Average Sentiment Indicator for MT4 is a composite oscillator that combines the insights of five conventional technical indicators — Relative Strength Index (RSI), Stochastic (STO), Money Flow Index (MFI), DeMarker (DeM), and William's %R (WPR) — into a single line ranging from 0 to 100. It is the arithmetic average of the five indicators after normalization.

This tool is ideal for traders who want a noise-reduced perspective of overbought and oversold zones, potential reversals, and trend exhaustion points—without switching between multiple charts or indicators for a single decision. This indicator is especially helpful when used in combination with other conventional indicators like MACD, CCI, Bollinger Bands, and/or RVI. 

Note: All of the five utilized indicators are bounded indicators. However, since DeMarker ranges between 0 and 1, and WPR ranges between 0 and -100, both were normalized to 0-100 range in order to have same range with RSI, STO, and MFI. 

? Key Features

• ? Composite Oscillator (0–100) built from 5 normalized indicators

• ⚙️ Individual period control for RSI, Stochastic, MFI, DeMarker, and Williams %R

• ? Visual clarity in a separate indicator window

• ? Combines momentum, volume, and volatility into a single reading

• ? Lightweight and efficient — no freezing, fast calculations

? Input Parameters

• Period_RSI – Period for RSI (default: 14)

• Period_Sto – Period for Stochastic K (default: 14)

• Period_MFI – Period for Money Flow Index (default: 14)

• Period_DeM – Period for DeMarker (default: 14)

• Period_WPR – Period for Williams %R (default: 14)

? How to Use

• ? Overbought zone: Oscillator above 80 (up to trader which threshold they deem important)

• ? Oversold zone: Oscillator below 20 (up to trader which threshold they deem important)

• ? Use in conjunction with price action or support/resistance zones for entry timing

• ? Adjust each indicator's period to fine-tune for specific symbols or timeframes

Recommended For

• Forex traders looking for confluence signals

• Strategy developers who want a single normalized signal

• Those who prefer customizable multi-indicator systems

• Anyone seeking overbought/oversold analysis