The Leledc Exhaustion Bar is an indicator for the MT4 platform. It is one of my personal favourites, for its strong ability to predict reversals.
How does it work?
Red means the trend is either reversing to the downside, or there is a pause in the uptrend
Green means the trend is either reversing to the upside or there is a pause in the downtrend
**Note the indicator is NOT repainting. All signals are printed at the close of the bar.
How do I use it?
I usually combine it with a moving average as a trend filter and only trade signals with the trend. In a trend, the indicator usually signals the end of the pull back and the continuation of the trend.
Here’s a screenshot of it in action:
Another way to use it is when there is confluence with support and resistance levels. See the two screenshots below with the orange arrows. I use it on the 5 min charts together with candlestick patterns and support/resistance lines.
Update: After much requests and deliberation, I have included the source code
Download it: Leledc Exhaustion Bar (source code included)
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- What is the difference between Leledc Exhaustion Bar 1 and 2?
- Ex bar 1 has much longer swings that Ex bar 2. In the screenshots below, you will notice that Ex bar 2 detects the smaller swing highs and lows while Ex bar 1 only detects the larger swings.
The Leledc indicator only contains two mq4 files, and no ex4 file, so after the files have been copied to the experts/indicators directory, nothing shows up in MT4 under custom indicators.
Thanks for notifying me. I have updated the zip file to include the .ex4 file. Only .ex4 files work after MT4 build 600. Please let me know if you continue to encounter any issues.
This indicator is great because it does not repaint. If using with Pivot indicators or Fib-Support Resistance indicator to pinpoint more accurate reversals at R/S, then, this will be great trading arsenal.
Also, the reversals are more reliable if using on M15 – H1 timeframe. Have you used it on these higher timeframe?
Do you think we can code it into a profitable ea (use this indicator with pivot indicator or Fib-Support Resistance indicator)?
Do you have the Fib-Support Resistance indicator to share?
Thanks for sharing this great indicator.
Nice, but no mention why some circles are solid filled and some not…..
The solid circles are for longer swings, and the empty circles are for shorter swings
Great indicator, excellent work! Is there any chance you can code an pop up and/or email alert to it so we don’t have to watch the charts all the time?
This would make it simply perfect.
Please tell how can I download the leledc exhaustion indicator&
Thanks a lot,
can tell me what is the circle, green and red?
Circles with holes in the middle detect smaller swings
Solid circles, detect larger swings.
I’ve written an explanation at the bottom of the article.
also I can not find the link to download the indicator.
Where is the link to download it?
Hi Team ATG,
Thanks for the sharing valuable Indicator. Please may I know, how do we use these Indicators in EA (In Strategies). Please can you share the syntax for that…
Hi Team ATG
I there any way to add an alert when the circle forms. Either an email alert, or a sound alert on multiple charts
Yes. However, it will take awhile given my rusty programming skills.
Do you know how to code?
If you provide the mql4 files I can code the alerts.
Hi. Would you know how I can get this indicator for Tradestation / multicharts?
Apologies, I don’t have the version for tradestation or Multicharts.
would you be able to obtain the mq4 version?
Hi Team ATG
Please can i have the Leledc mq4 file, so that i can add an alert.
I am a huge fan of this indicator and adding an alert wold save me huge amounts of time while i have to sit there starring at my computer.
Thanks in advance.
Hi everyone, after much requests, I have decided to include the source code.
Do you have a version for NinjaTrader Platform??
My apologies, I don’t
Has anyone been able to add alert to the indicator ?
Has anyone duplicated this indicator in a thinkscript for ThinkOrSwim?
Please, how can i convert this indicator to work on mt5?
I’m sorry but I haven’t been able to program it in MT5 yet. You will need to hire a freelancer from upwork.com to do it.
Hi Team ATG,
There seems to be an error when compiling your mq4 file. There are two errors in the log:
“variable ‘highest’ not used”
“variable ‘lowest’ not used”
May I know what do I change in the code to solve this?
Please use the .ex4 files and install them into your MT4 folder. Don’t install the MQL4 as these files were coded long ago, and due to upgrades of MQL4 editor since then, there may be some minor notifications when compiling.
Nonetheless if you choose to install the MQ4 files and compile them, do not worry, these ‘notifications’ do not affect the function of the indicator. It is working perfectly
Thank you, these seem to be very similar if not the same as those on Wave59 charting. very nice. as a newbie to mt4 can you explain the install as i see there are both .ex4 and mq4 files. i double clicked on a .ex4 file and got a message saying windows didnt know how to open. i did have mt4 up and running at the time. as my copy of mt4 is only a couple months old, i would guess it is the latest version. I am happy to have found your indie, as i am a fan of wave59 .
I see above that you state to install them into the mt4 folder. i will seek advice on the mql5 site as well.
Thanks for dropping by. In your MT4 application, go to file –> open data folder –> MQL4 –> indicators –> paste the mq4 and .ex4 file inside.
What is the difference between Mq4 and .ex4 file? Mq4 is the source code, while .ex4 is the compiled version of the source code, which the computer uses to run. If you put the Mq4 file inside your indicator folder only, it will auto compile to .ex4 before running the indicator!
With regards to wave59, I am a fan too!
Hope this helps!
hello who wrote this indicator? can anyone reach me?
Hi I have a question to leledc exhaustion bar please contact me
great work thanks so much
This indicator and NSND are the best.
Fantastic work with your Leledc Exhaustion Bar indicator for the MT4 platform. I use the Trading View platform and not the mT4.
How can I get this indicator of yours to work on the Trading View Pine Script platform?
Look forward to hearing from you.
Thanks very much indeed.