TSD_PP_MACD_FORCE_Ind_v1 - MetaTrader 5 Script - MT4/MT5 Resources
Trend indicator with three states. During a strong trend, it displays the bar color as red or green depending on the decline or rise. If there is no clear trend, the bar chart is gray.
The indicator is based on the values of the Smoothed Convergence and Divergence Moving Average histogram on the weekly chart and the Force Index oscillator on the daily chart. Green bars appear during periods when the MACD histogram is growing and the oscillator drops below zero, and red bars appear when the histogram is falling and the oscillator moves above zero.
The indicator was originally written in MQL4 and first published in the code base of mql4.com on November 6, 2007.
Figure 1. Indicator TSD_PP_MACD_FORCE_Ind_v1
Attachment download
📎 tsd_pp_macd_force_ind_v1.mq5 (7.46 KB)
Source: MQL5 #2030
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