IBS - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

Real author: Roche

The Internal Rod Strength (IBS) indicator was developed by Volker Knapp.

The indicator is calculated as a moving average of the intensity values ​​inside the bar, represented by the following equation for each bar:

IBS = ((Closing Price - Lowest Price) / (Highest Price - Lowest Price)) * 100%

Usually a period equal to five bars is used. Crossing the 60% level means overbought and crossing the 40% level means oversold, so they are signals to sell and buy respectively.

Input parameters:

 //+------------------------------------------------+
//|Indicator input parameters |
//+------------------------------------------------+
Input Smooth_Method IMA_Method= mode_SMA ; // Smoothing method
Input integer I length = 12 ; // smoothing depth
Input integer I stage = 15 ; // smoothing parameter
Enter Applied_price_IPC=PRICE_CLOSE_LOW; // Apply price
Enter integer shift = 0 ; // horizontal movement of the indicator in bars

The indicator allows changing the smoothing method:

It should be noted that the Phase type parameters of different smoothing algorithms have completely different meanings. For JMA, it is an external phase variable that varies from -100 to +100. For T3, it is the smoothed ratio multiplied by 100 for better visualization; for VIDYA, it is the CMO oscillation period; for AMA, it is the slow EMA period. In other algorithms, these parameters do not affect smoothing. For AMA the fast EMA period is a fixed value, equal to 2 by default. For AMA, the ratio of raised powers is also equal to 2.

The indicator uses the SmoothAlgorithms.mqh library class (must be copied to terminal_data_folder\MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.

The indicator was first implemented in MQL4 and published in the code base on October 10, 2008.

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 xibs.mq5 (6.73 KB)

Source: MQL5 #749