Mean Deviation Index Blau_MDI - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Author: Andrei N. Bolkonsky

The Ergodic MDI (Mean Deviation Index, MDI) is a double-smoothed mean deviation index (see Momentum, Direction, and Divergence: Applying the Latest Momentum Indicator to Technical Analysis ).

The average deviation is defined as the distance between the closing price and the exponentially smoothed moving average applied to the closing price.

William Blau's Mean Deviation Index

The calculation formula for average deviation is:

md(price,r) = price - EMA(price,r)

The calculation formula of the average deviation index is:

MDI(price,r,s,u) = EMA(EMA(md(price,r),s),u) = EMA(EMA(price-EMA(price,r),s),u)

Attachment download

📎 blau_mdi.mq5 (6.41 KB)

📎 williamblau.mqh (4.52 KB)

Source: MQL5 #373