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BSP Indicator Implementation for MT4

The document discusses implementing a Buy Sell Pressure Indicator (BSP) in MT4 that was originally designed for MQ4. The BSP calculates buy and sell pressure ratios based on comparing the current traded price to the bid and ask prices to determine if volume should be added to the buy or sell volume totals. It asks how to translate the terms and logic into MT4 code.

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anyzen
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30 views2 pages

BSP Indicator Implementation for MT4

The document discusses implementing a Buy Sell Pressure Indicator (BSP) in MT4 that was originally designed for MQ4. The BSP calculates buy and sell pressure ratios based on comparing the current traded price to the bid and ask prices to determine if volume should be added to the buy or sell volume totals. It asks how to translate the terms and logic into MT4 code.

Uploaded by

anyzen
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

I've found what they call it BSP indicator, but I didn't found it in MQ4 format till now.

Kindly help me to implement that concept for MT4.


The associated mathematical formula for BSP is as following:

Buy Pressure = Buy Volume / (Buy Volume + Sell Volume)


and

Sell Pressure = Sell Volume / (Buy Volume + Sell Volume )


where;

Current Buy Volume = Last Buy Volume + Current Traded Volume


if Current Traded Price >= Current Ask Price
and
Current Sell Volume = Last Sell Volume + Current Traded Volume
If Current Traded Price <= Current Bid Price

Remark: Trades executed between the bid and ask prices are ignored.
Now, what does it meant by each term and how it can interpreted in MQ4 language?
Thanks for your support and guidance.

double Current Traded Price =Close[0];


double Current Bid Price = MarketInfo("EURUSD",MODE_BID);
double Current Ask Price = MarketInfo("EURUSD",MODE_ASK);
if Current Traded Price >= Current Ask Price
Current Buy Volume = Last Buy Volume + Current Traded Volume

If Current Traded Price <= Current Bid Price


Current Sell Volume = Last Sell Volume + Current Traded Volume

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