What is Elder Auto Envelope Averages?
Elder Auto Envelope Averages is an MT4 indicator that shows a signal when moving averages cross. Range conditions can produce frequent signals, so discretionary judgment is required.
How to use Elder Auto Envelope Averages
Cross signals on the MT4 chart appear when the moving averages cross. Read the colored ribbon's direction and color as a trend guide and the envelope for price deviation; in range conditions, signals can be frequent, so discretionary judgment is required.
Where it helps
MT4 Indicator Parameters
The table below lists the available MT4 indicator parameters. You can customize these options in the MetaTrader Inputs dialog to match your trading preferences.
| Parameter | Description |
|---|---|
| Time frame to use | Selects the timeframe used. Default: Current time frame. |
| Button unique ID | Sets the display-button identifier. Default: env b1. |
| . | Configuration group. |
| Show it? | Controls whether the slow average is shown. Default: true. |
| Period | Sets the slow-average period. Default: 36. |
| Slow Ma Method | Selects the slow averaging method. Default: Exponential moving average - EMA. |
| Price | Selects the applied price. Default: Median. |
| Shadow width | Sets the shadow width. Default: 6. |
| Line width | Sets the line width. Default: 2. |
| Bullish color | Sets the bullish color. Default: DeepSkyBlue. |
| Bearish color | Sets the bearish color. Default: SandyBrown. |
| Shadow color | Sets the shadow color. Default: DarkSlateGray. |
| . | Configuration group. |
| Fast period | Sets the fast-average period. Default: 9. |
| Envelope deviation period | Sets the envelope deviation period. Default: 100. |
| Automatic width? | Controls automatic ribbon width. Default: true. |
| Turn alerts on? | Controls alerts. Default: false. |
The screenshot above shows the default input parameters in the MT4 settings window.
How to Install .ex4 Indicator in MetaTrader 4
- Download the ZIP file and extract it.
- In MT4, select File → Open Data Folder.
- Open MQL4 → Indicators and copy the EX4 or MQ4 file into it.
- If the package includes library files, copy them to MQL4 → Libraries. Copy TPL files to the top-level templates folder.
- Restart MT4, find the indicator in the Navigator, and drag it onto a chart.
Test the tool on a demo account first. File contents and required folders can vary between packages.
