X2MA Conversion Candles - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

This indicator transfers price data to a new coordinate system associated with the X2MA indicator values.

The distance from the high, low, open and close price source candlesticks to the X2MA moving average is used for the candlestick parameter indicator.

As a result, we get a candlestick chart modified by the X2MA transformation that allows all elements of technical analysis to be performed like a normal chart. Appropriate customization and technical indicators can be applied to it. In fact, the zero level of the indicator is the X2MA moving average position.

The smoothing algorithm can be chosen from ten possible versions:

It should be noted that the Phase1 and Phase2 parameters have completely different meanings for different smoothing algorithms. 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.

Input parameters:

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 x2matransformcandles.mq5 (9.33 KB)

Source: MQL5 #642