AbsoluteStrength - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
This indicator can be considered as an alternative to the well-known indicators Relative Strength Index , Stochastic and DMI , in terms of its calculation method based on the strength of buyers and sellers. Although there are enumerated indicators, calculations are done in points rather than percentages. It makes it possible to understand more fine-grained market strengths and avoid sufficient disadvantages such as stochastic slippage in strong trends.
In a given version of the indicator, the strength level (strength level) and the weakness level (weakness level) can be constructed in three ways:
The illustration shows 3 variations of building strengths and weaknesses levels. The first sub-window is the overbought/oversold levels, the second is the standard deviation channel, and the third is the high/low channel.
The indicator uses four types of moving averages (MA_Mode: SMA, EMA, Wilder and LWMA) for two additional smoothings:
To define the bending points of the Bull and Bear lines, the signal lines adjusted by the Signal and MA_Mode parameters are used. The indicator also uses a built-in algorithm to draw lines on higher time frames.
Attachment download
📎absolutestrength_v2.mq5 (16.08 KB)
Source: MQL5 #1500
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