EMAHLC_Envelope_Oscillator - MetaTrader 5 Script - MT4/MT5 Resources
The EMA HLC Envelope Oscillator Indicator is an oscillator that displays in the form of a bar chart the indicator's breakout of the envelope of the EMA HLC Envelope by price.
It has one tunable parameter:
If the closing price breaks above the upper envelope of the EMA HLC envelope, the histogram has a positive value and shows the distance of the closing price from the upper envelope.
If the closing price breaks through the lower envelope of the EMA HLC envelope, the histogram has a negative value and shows the distance of the closing price from the lower envelope.
Figure 1. EMA HLC envelope oscillator
Figure 2. EMA HLC Envelope Oscillator + EMA HLC Envelope
Attachment download
📎 emahlc_envelope_oscillator.mq5 (9.44 KB)
Source: MQL5 #22722
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