Rogue Tick Detector Indicator

Rogue Tick Detector Indicator

Rogue tick detector for MT4 scans automatically for price anomalies in currencies on any MetaTrader price chart.

The Rogue tick detector indicator for MT4 is a tool for identifying any kind of anomalies in price. MetaTrader charting platform is widely appreciated and used by the majority of retail forex traders. The platform plots the prices on the charts based on the incoming price ticks. So, forex traders can understand and perform technical analysis to identify bullish and bearish market conditions and buy and sell accordingly.

But there may be instances where the incoming price ticks are wrong and may lead to failed transactions. A wrong price tick often results in deadly requotes, which in turn may result in potentially negative slippage. Generally, automated trading systems which apply scalping techniques tend to take advantage of small price movements. So, the performance of these automated systems may be affected by rogue ticks.

Rogue Tick Detector indicator signals

The indicator helps advanced forex traders with better knowledge and understanding of the working principle of the MetaTrader platform. So, the indicator is not a handy tool for new forex traders. The indicator can be applied to any chart time frame. But one instance of the indicator is enough to monitor a currency pair. So, forex traders should attach one indicator per currency chart which they require to monitor. Additionally, forex traders can download the indicator for free and install it easily.

The indicator scans the incoming price ticks and checks the timestamps. If the price comes with an invalid timestamp or with an expired timestamp the indicator labels it as a rogue tick. Furthermore, the indicator provides alerts upon detection of such rogue tick.

Rogue ticks may also be in the form of unusually high or lower prices. This provides a huge gap between the current and previous prices and may result in the declaration of a rogue tick.

Forex traders should understand that rogue ticks do happen in a very limited number of instances per day per currency pair. This happens due to the true nature of the forex and the pricing method from multiple sources and the MetaTrader platform. However, detection of an unusually higher number of rogue ticks may point to manipulation or an internal error.

Though the indicator may not be popular or the method of identifying rogue ticks may not be the standard practice of most forex traders. This indicator is useful for those forex traders who value accurate price quotes.

Conclusion
The Rogue tick detector indicator for MT4 helps forex traders with knowledge about the price feed and execution. However, most forex traders would have never heard about a rogue tick in the first place. Moreover, taking action on a rogue tick needs a complete understanding of the pricing and execution and requires advanced knowledge about forex trading and its parameters. So, this tool may not be necessary or essential for most forex traders. However, we cannot rule out the application of this indicator. Additionally, forex traders can download the indicator for free and install it easily.