XTrendlessOS (Trendless Oscillator) - MetaTrader 5 Script - MT4/MT5 Resources

It is designed to assess actual market overbought/oversold conditions.

The indicator histogram changes color when its value exceeds or equals 60%, 80% and 100% of the overbought/oversold levels. J. DiNapoli originally described this indicator as a linear chart, but perhaps it is more convenient to interpret it as a colored histogram (where the crossing of one of the key levels changes the color of the bars).

The indicator allows choosing a smoothing type from ten possible versions:

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 released in the code base on March 30, 2010.

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 XTrendlessOS.mq5 (20.53 KB)

Source: MQL5 #663