AbsoluteStrengthMarket - MetaTrader 5 Script - MT4/MT5 Resources
The indicator is accurate enough to accurately define 6 market states:
As in Absolute Strength , in order to define market power, 3 calculation methods are used: RSI , Stochastic and DMI . Using the Length, PreSmooth, Smooth, Signal and MA_Mode parameters you can obtain the required calculation accuracy. Remember that the period of the signal line ( Signal) starts from 1, in this case the bull and bear values on the previous bar are used.
The indicator also applies a set of algorithms for calculations on high time frames. It allows placing multiple indicators in one sub-window for different timeframes, like the one shown in the image.
If the parameter AlertMode=1, the monitor will display messages informing of changes in market conditions.
Attachment download
📎 absolutestrengthmarket_v1.mq5 (19.27 KB)
Source: MQL5 #1519
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