Dsl - CMO Bar - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The Chande Momentum Oscillator is a technical momentum indicator invented by Tushar Chande. Chande introduced this indicator in his 1994 book "The New Tech Trader". It is created by calculating the difference between the sum of all recent gains and the sum of all recent losses, and then dividing the result by the sum of all price changes for the period.
The Chandler momentum oscillator formula is:
CMO is often used to compare to static levels (usually -50 and +50 levels), but this approach lacks flexibility and often lags. This version attempts to change that by adding interrupting signal lines instead of using static levels of the trend.
Additionally, instead of displaying it as an indicator in a separate window, it displays it on the main chart as a bar chart (if the current chart style is a bar or line chart) or a candle chart (automatically done), making it easier to pinpoint when momentum crosses the DSL level.
Attachment download
📎 dsl_-_cmo_bars.mq5 (7.89 KB)
Source: MQL5 #20429
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