EVWMA - MetaTrader 5 Script - MQL5 #1463 - MT4/MT5 Resources
Real author:
EVWMA is an indicator that represents an elastic volume weighted moving average. This is another interpretation of the good old moving average theme, so the main task is to get the best moving average and eliminate its shortcomings.
What is the difference between the EVWMA indicator and the Standard Moving Average? First, the EVWMA indicator does not have an average period, but instead uses volume or time. Therefore, the indicator can be thought of as self-adjusting for different market conditions. In this regard, the EVWMA indicator naturally takes into account information about volume.
The EVWMA Forex indicator has a mathematical basis and is recommended to be used as a trend indicator rather than a traditional moving average. However, some disadvantages should be considered, such as the fact that "broken" type lines do not allow the definition of trend strength.
It must be added that for the indicator to work properly, the indicator must be set in time for each financial instrument and the input parameters must be selected according to each time frame!
Figure 1 EVWMA indicator
Attachment download
📎evwma.mq5 (8.45 KB)
Source: MQL5 #1463
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