Optionally, you can further filter your first indicator signals by a third indicator. Unlike the second indicator that uses buffer color ID, this third indicator filter uses the values of the buffer/color IDs. For instance, you can use stochastic indicator as third indicator and set a rule to buy only when signal line is below 30 or you can use RSI indicator to buy when RSI is above 50.
Setting 67: Enable Signal Filtering by a Third Indicator: You can enable or disable third indicator filter here.
Setting 68: 3rd Indicator Name: You need to type the third indicator name exactly as per the indicator file name (no need to have the ex4 file extension). Further, if your indicator is NOT directly within the MT4 indicators folder (i.e. it is in a subfolder within the Indicators folder), you need to add the indicator name with the folder path. For instance, if your indicator name is “Candle Stick Reversal Indicator” and the indicator is located in the “Market” sub-folder within the main MT4 Indicators folder then you need to enter the indicator name as follows: Market/Candle Stick Reversal Indicator.
Setting 69: Color ID to Consider for Buys: This is the color/buffer ID whose value will be considered for buy signal filtering.
Setting 70: Color ID to Consider for Sells: This is the color/buffer ID whose value will be considered for sell signal filtering.
NB: If you are using an indicator that uses the same buffer/Color ID for both Buy & Sell decisions (E.g. Stochastic main line, RSI line, etc.), then Color ID would be the same for both of the above settings.
Setting 71: Candle ID to Check on 3rd Indicator: This is the candle ID to look at in the third indicator for the buffer/color ID values. It can be anything from “0” onwards. “0” means the current forming candle and “1” means the immediately completed candle and so on. Please note that the current candle can be repainting in most indicators and be careful in using “0” here.
Setting 72: Timeframe to Check for 3rd Indicator (0=Current): You can use the third indicator on any timeframe. Timeframe is selected by no of minutes. 0 means the current timeframe you are running the Automater. For instance 5 means 5 minute chart, 15 means 15 minute chart, 30 means 30 minute chart and so on. Please note the Automater will be running your indicator on the timeframe you specify from background.
NB: On MT4, you cannot do backtesting on multi timeframes (this is a technical limitation on MT4). So if you are backtesting on MT4, then you can only use 0 or the current timeframe. But you can use any timeframe when using on demo or real accounts on live market on MT4. However, MT5 supports multi timeframe backtesting.
Setting 73: Buy if Only Color ID Value More than: This is the minimum buffer value for buys. Buy signals of the main signal indicator will only be executed only if buy buffer/color ID value of the third indicator is above this level. For instance if you are using RSI as third indicator and you want to buy only when RSI is over 50, then you can use 50 here.
Setting 74: Buy if Only Color ID Value Less than: This is the maximum buffer value for buys. Buy signals of the main signal indicator will only be executed only if buy buffer/color ID value of the third indicator is below this level. For instance if you are using stochastic indicator as third indicator and you want to buy only in stochastic oversold area (i.e. stochastic indicator is less than 30), then you can use 30 here.
Setting 75: Sell if Only Color ID Value more than: This is the minimum buffer value for sells. Sell signals of the main signal indicator will only be executed only if sell buffer/color ID value of the third indicator is above this level. For instance if you are using stochastic indicator as third indicator and you want to sell only in stochastic overbought area (i.e. stochastic indicator is over 70), then you can use 70 here.
Setting 76: Sell if Only Color ID Value less than: This is the maximum buffer value for sells. Sells signals of the main signal indicator will only be executed only if sell buffer/color ID value of the third indicator is below this level. For instance if you are using RSI as third indicator and you want to sell only when RSI is below 50, then you can use 50 here.
Please note that both “more than” and “Less than” rules will be applicable for any third indicator. So, if you need only one of them, you need to add some value for the other that wouldn’t block the first. For instance, if you only need stochastic under 30 for buy, then you may just make “More than” value zero.