ColorSTD_Histogram - MetaTrader 5 Script - MT4/MT5 Resource

Real author : Besimmar

A smoothed simple trend detector using color to indicate overbought/oversold level breakouts and histogram direction. Depends on the values ​​of the indicator input parameters:

There are two variants of histogram coloring:

For better histogram readability, the indicator is performed with zero relative symmetry and its values ​​vary between -50 and +50.

The indicator uses SmoothAlgorithms.mqh library class (copy it to \MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is detailed in the article.

The indicator was first implemented in MQL4 and published in the code base on July 26, 2010.

Figure 1. Indicator ColorSTD_Histogram

Attachment download

📎 ColorSTD_Histogram.mq5 (22.26 KB)

📎 SmoothAlgorithms.mqh (130.2 KB)

Source: MQL5 #17665