T3 Floating Level Oscillator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The T3 indicator, which uses floating levels to assist in determining trends, has been converted to an oscillator instead of being displayed on the chart

Since this indicator is a descendant of the T3 Floating Levels indicator, the description of the main parts is the same and will be repeated here as well (to avoid looking for other indicators)

The indicator is made to use an extended set of prices (22 types), and since it is using float levels, it can change colors (and sound alerts accordingly) using 3 different conditions:

There is a deviation in the pattern when the oscillator slope changes compared to the "chart version" - the slopes of T3 and the oscillator do not need to be the same (and in many cases are not), so it is necessary to make that type as well. The remaining color variations strictly correspond to the versions on the chart. Alerts will adjust accordingly

It is already multiple time frames (usual settings for all available time frames in Metatrader 5 - no additional indicators are needed to make this version work in multi time frame mode)

Additional information about the "Original T3" option provided by the author of T3 Modified (it was originally first used in another trading platform):

By adding floating levels, the usage of T3 can be extended to the way it is commonly used (as an average). Floating levels make it an "on-chart oscillator" which can then be compared to floating "effective levels" often called "overbought" and "oversold" levels, but it is recommended not to use them in this way, but rather as a signal of new trend formation or confirmation of a previously established trend.

Attachment download

📎 t3_floating_levels_oscillator.mq5 (35.37 KB)

Source: MQL5 #16697