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

The demand index was developed by James Sibbet. Price and volume are used in calculating the index. The index is considered leading. In this version, the index changes from +100 to -100. In other respects, the index calculations exactly replicate the authors' version.

There are six rules for the demand index:

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.

Attachment download

📎 demand_index.mq5 (8.85 KB)

📎 smoothalgorithms.mqh (133.8 KB)

Source: MQL5 #520