The EA facilitates the signal generated by your main indicator to be filtered by a second indicator (only buffer/color ID-based indicators can be used as the second indicator).
Please look at the below screenshot to understand this feature. Indicator 1 is your main indicator that generates buy or sell signals. And the second indicator (Trend Bars Indicator) is an indicator that shows the overall trend of the market. If you want to consider the buy and sell signals only when the overall market trend agrees with the signal (or even the opposite happens), you can use this feature to achieve that objective.
NB: You can use any suitable indicator as the second filtering indicator, preferably one that provides continuous signals that is always present; thus an arrow based indicator may not be suitable for this. Also, note that the EA will only consider the default settings of your second indicator too. If you need to change settings you will have to change the default settings in source file [.mq4] and then generate the ex4 file. But we can add inputs of your indicator to the EA at an agreed additional fee. We can do it even if you have only an ex4 file.
Setting 61: Enable Signal Filtering by a 2nd Indicator: This is where you enable the signal filtering by a second indicator. Please note you can only use buffer/color ID-based indicators for this purpose as mentioned before.
Setting 62: Second Indicator Name: You need to type the second 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 63: Buy only if this Color ID/buffer No is present on 2nd Indicator: This is the buffer number to see if it’s present in the candle ID set under the setting 62 for buy trades. (In other words, this is the Color ID of the second indicator to be used as a filter for the first indicator’s signals for buy trades).
Let’s check out the below screenshot for an example for a second indicator. This is the buffer setting screenshot for previously mentioned Trend Bars Indicator.
Here the bullish trend is shown by Color ID “0” while the bearish trend is shown by Color ID “1”. So if you want to enter buy trades on your first indicator only when the market is in an overall bullish trend indicated by the second indicator, you need to have “0” under this setting. (Also note that if you need, you can use “1” as well. In that case, you will be entering buy trades when the market is in an overall bearish trend).
Setting 64: Sell only if this Color ID/buffer No is present on 2nd Indicator: This is the buffer number to see if it’s present in the candle ID set under the setting 62 for sell trades. (In other words, this is the Color ID of the second indicator to be used as a filter for the first indicator’s signals for sell trades).
Setting 65: Candle ID to Check on 2nd Indicator: This is the candle ID to look at in the second indicator to see if the filtering Color ID is present. 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 66: Timeframe to Check for 2nd Indicator (0=Current, 5=5 Mins Chart & So On)
You can use the second 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.