MJR (Majority Rules)
Here is the MJR (Majority Rules) indicator that was coded by Mladen back in 2012. This version has been fixed for MT4 1090.
Description:
The Majority Rules indicator (MJR) shows, in percent, the amount of days with rising prices in the chosen period of time and is often used to either confirm the trend of the underlying instrument (a rising value indicates an uptrend, while a falling value indicates a downtrend) or to signal an overbought or oversold market. An overbought market has very high values, whereas an oversold market has very low values.
Trade signals:
Buy when the value is low (generally lower than 25%, but it may vary depending on the instrument)
Sell when the value is high (generally higher than 75%, but it may vary depending on the instrument)
Calculation
Majority Rules = (number of up bars /
n) x 100
Parameters
number of up bars = the number of times where the price has risen compared to the previous bar.
n = the number of periods/bars minus 1.