Candle Smoothing HTF - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

This indicator displays the "average" candlesticks of a larger time frame over a smaller time frame.

Smoothing transformation is applied to all elements of the price candlestick in this indicator: open, low, high and close. This indicator provides a clear graphical representation of current market trends. The color of the candlestick determines the direction of the trend, and the size of the candlestick shows the strength of the current trend.

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 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

📎 candles_smoothed.mq5 (6.81 KB)

📎 candles_smoothed_htf.mq5 (10.47 KB)

📎 smoothalgorithms.mqh (133.8 KB)

Source: MQL5 #587