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

The DeMark indicator tracks price exhaustion areas that typically match price tops and bottoms.

The indicator range is 0 to 1. When the indicator falls below 0.3, the price is most likely to reverse upward. When this indicator rises to 0.7 or higher, a downward reversal in price is most likely. In this indicator version, overbought and oversold areas are formed in the form of dynamic changes with the help of the following formula: Bollinger Bands ® .

Colored points are located on DeMarker lines. Their color depends on the position relative to the direction of the Bollinger Bands and DeMarker Lines. Rising DeMarkers above the midband color the points green, while descending points are colored blue. A descending DeMarker below the middle band colors the points red, while an ascending DeMarker colors the points magenta. The color of the signal dotted line changes depending on its position relative to the DeMarker line. If the Demarker line is higher than the signal line, the color is sand. Otherwise it's lime.

The smoothing type can be chosen 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 the 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.

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 xdemarker_bb.mq5 (15.11 KB)

Source: MQL5 #591