LeMan Objective - indicator for MetaTrader 5

Real author:

LeMan

The indicator calculates the distance from the market entry price to the highs and lows displaying the quartiles deviation.

• The first green line (counting from bottom to top) shows how high the price was raised in 75% (Quartile_3) of cases from the sample, the second green line shows the same in 50% (Quartile_2) of cases, the third one - 25% (Quartile_1), the fourth one - the maximum deviation.
• The first red line (counting from top to bottom) shows how low the price dropped in 75% (Quartile_3) of cases from the sample, the second red line shows the same in 50% (Quartile_2), the third one - 25% (Quartile_1), the fourth one - the maximum deviation.

These lines help in defining price movement targets beginning from a bar opening price. The author suggests using the indicator with the timeframes no less than the daily one.

This indicator was first implemented in MQL4 and published in CodeBase at mql4.com 13.01.2011.