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Metatrader 5 beta is already open for everyone, however the strategy tester is not yet available. Even the first mql5 indicators were already written. The platform testing will take about 5-6 months. Read more: http://metatrader5.blogspot.com

MT5 is not compatible with MT4. Moreover, no simple translation MT4->MT5 is possible. The main reasons for it are: - MT5 has different structure and programming flow than MT4; - some functionality from MT4 is missing; - different language philosophy. Ones who invested in development strategies in MT4 need to invest again to transfer it to MT5, mind however that no everything written for MT4 can be run on MT5. For example grid/martingale strategies are history now.

It is a very good tool. It can also be turned into a retracement/reversal aid if an switch for price level is added. Example: I input on a EurUsd chart 1.3950 in the price level field and select tolerance pips of 20 then the tool should draw lines between 1.3950 +20 and 1.3950-20 , that is, between 1.3970 and 1.3930 and produce by way of comment Number of Hits in a corner of the chart and draw lines at these levels. Thank you again for making such a user-friendly tool for simple trading.

Default parameters are included in indicator. On the above chart you see three indicators using different timeframes.

Can i know the default parameters.

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