Four convenient Indigo Soft tools for MT5

There are two FX companies adopting MT5: OANDA and AvaTrade, but according to information, more are expected to appear one after another.

Primarily, the companies that adopt MT4 will use it concurrently for a while, and then switch to MT5 exclusively.

The offerings of Expert Advisors for MT5 are gradually increasing, but indicators and tools are still fairly scarce. For discretionary traders, it may be common to use the FX company’s own tools or TradingView, and traders using EA shifts from MT4 to MT5 likely have a desire to try MT5’s features, so it’s natural..

Indigo Soft, which develops MT5 indicators that are still relatively few in number, will be introduced in order of popularity.

Indigo Soft Developed Indicators

No.1 Popular!MTF-Candle for MT5 ¥1,980

An indicator that enables visual, intuitive, and instinctive multi-timeframe analysis (MTF analysis).

It supports eight MT candles: M5, M15, M30, H1, H4, D1, W1, MN1 (MTF candles).

It can display up to three MTF candles at the same time.

Each MTF candle has show/hide buttons.

Each MTF candle can have its line color and line style specified individually.

That’s about it.

There is also an MT4 version of MTF-Candle MT4, so MT4 users may use that.

No.2!MTF-Copy MT5 ¥1,980

An indicator that copies drawn objects (supports 13 types) to other timeframes on the same currency pair’s chart.

The feature is that it draws objects with the colors and line styles specified in the Properties screen and copies them to other charts. This allows you to determine the timeframe of the drawn objects on the destination chart by their color and line style.

When duplicating an existing object by Ctrl-drag-and-drop, the properties such as color are not changed, so the timeframe information remains on the copied chart.

For some objects, you can also copy the angle, font type, and font size.

It includes a feature to horizontalize trendlines.

The object's property description can be shown as a tooltip.

Horizontal lines show price, vertical lines show year, month, and day.

That’s it.

The types of objects that can be copied are: horizontal lines, vertical lines, trendlines, angle trends, Fibonacci retracements, Fibonacci time zones, arrow lines, text, arrows (11 types), rectangles, triangles, ellipses, cycle lines.

No.3!Indigo Grid for MT5 ¥500

An indicator that displays horizontal and vertical grids.

The feature is that the horizontal grid spacing can be fixed at any chosen interval. As a result, even when zooming or scrolling, the spacing does not vary like the MT5 standard grid.

Vertical grid is drawn at the following intervals.

M1: every 30 minutes

From M2 to M15: every 1 hour

From M15 to H4: every 1 day

From H4 to D1: every 1 week

From D1 to MN: every 1 month

MN: every 1 year

You can show/hide horizontal and vertical grids.

Horizontal and vertical grids can be individually colored and styled.

Tooltips can display the local time in the vertical grid.

That’s about it.

No.4!Indigo Time for MT5 ¥500
An indicator that shows each market’s open and close times in Japan time (local time) in the chart’s sub-window.

The feature colors each market’s time zone in the sub-window’s color bars, allowing you to visually grasp each market’s open/close times.

※Not displayed on timeframes larger than H1.

Each time zone color can be specified.

It automatically calculates the difference between server time and local time, so you don’t need to worry about daylight saving time changes.

※Supported only for FX brokers that close at New York close.

Written by Hayakawa