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

BB XMACD is a simple MACD (Moving Average Convergence/Divergence) indicator change that can determine trend direction change points and current trend strength.

The indicator is generated in a separate chart window and consists of two lines (blue and red) and green or magenta dots. Changes in point color are good signals, and the distance between the lines shows the strength of the current trend.

From the example chart we can see that when the magenta dot changes to a green dot, a buy signal occurs, and when the opposite occurs, a sell signal occurs. It is best to trade when the distance between the blue and red lines is considerable.

The indicator allows choosing the smoothing type of the MACD basic histogram, its signal lines and frequency bands from ten possible variants:

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

📎bb_xmacd.mq5 (11.29 KB)

📎 smoothalgorithms.mqh (133.8 KB)

Source: MQL5 #510