Leledc Exhaustion Bar MT4 Indicator

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:

Exhaustion bar

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.

pivot confluence with exhaustion bar

pivot confluence with exhaustion bar2

Update: After much requests and deliberation, I have included the source code

Download it: Leledc Exhaustion Bar (source code included)


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FAQ

  1. What is the difference between Leledc Exhaustion Bar 1 and 2?
    1. 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.
      Ex Bar 1

      Ex Bar 1

      Ex Bar 2

      Ex Bar 2

34 thoughts on “Leledc Exhaustion Bar MT4 Indicator

  1. Adrian

    Hi,

    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.

    Please advise.

    Many thanks,
    Adrian.

    Reply
  2. Linton Post author

    Hi Adrian,

    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.

    Best wishes,
    Linton

    Reply
  3. James Phuc

    Hi Linton,

    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.

    James

    Reply
  4. Erik

    Nice, but no mention why some circles are solid filled and some not…..

    Reply
    1. Linton

      Hi Erik,

      The solid circles are for longer swings, and the empty circles are for shorter swings

      Reply
  5. Phil

    Hi Erik.

    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.

    Thanks.

    Reply
  6. Yury

    Hi,
    Please tell how can I download the leledc exhaustion indicator&
    Thanks a lot,
    Yury

    Reply
      1. Linton

        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.

        Cheers,Linton

        Reply
  7. marzo

    Hi,
    also I can not find the link to download the indicator.
    Where is the link to download it?

    Reply
  8. Sameer

    Hi Linton,

    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…

    Thanks
    Sameer.

    Reply
  9. Njenga

    Hi Linton
    I there any way to add an alert when the circle forms. Either an email alert, or a sound alert on multiple charts

    Reply
    1. Linton Post author

      Hi Njenga,

      Yes. However, it will take awhile given my rusty programming skills.

      Do you know how to code?

      Kind regards,
      Linton

      Reply
  10. Jeno

    Hi. Would you know how I can get this indicator for Tradestation / multicharts?

    Reply
    1. Linton

      Hi Jeno,

      Apologies, I don’t have the version for tradestation or Multicharts.

      Kind regards,
      Linton

      Reply
  11. Waheed

    Hi Linton
    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.
    wakhtaruk@hotmail.co.uk

    Reply
  12. Linton Post author

    Hi everyone, after much requests, I have decided to include the source code.

    Kind regards,
    Linton

    Reply
  13. Chris

    Hi
    Has anyone been able to add alert to the indicator ?

    Regards

    Chris

    Reply
  14. swedenumberone

    Has anyone duplicated this indicator in a thinkscript for ThinkOrSwim?

    Reply
    1. Linton

      Hi Taiwp,

      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.

      Kind regards,
      Linton

      Reply
  15. James

    Hi Linton,

    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?

    Reply
    1. Linton

      Hi James,

      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

      Reply
  16. Coby

    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 .

    Reply
    1. Coby

      I see above that you state to install them into the mt4 folder. i will seek advice on the mql5 site as well.

      Reply
      1. Linton Post author

        Hi Coby,

        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!

        Reply

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