Filter Price - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources - MetaTrader 5 Resources

In technical analysis we can say that it is all about filtering. Filter out "irrelevant", filter out "false", etc... Almost all tools are designed to "filter" out something.

This is an indicator filtered by its source: price. It uses a "bias"*. However, not to keep things simple, the "bias" used is a self-adjusting bias (it depends on the filter size). This way it filters out the required price changes and leaves us with the filtered value.

Filter size can be decimal. It is recommended to do some experimentation with the period and filter size before using this indicator for trading decisions.

When using this indicator, you can use color changes as signals.

Polystyrene : Reason for * next to "deviation". Although it is similar to standard deviation, it is actually quite different. Here's a comparison of the "deviation" (top) and standard deviation (bottom) used by the filter.

Also, it seems these days that the word "self-adjusting" is often tinkered with to what is commonly referred to as redrawing. The indicator will not redraw. But to demonstrate how it adjusts, here are 3 examples of the "bias" used that have different values ​​simply due to the filter size. As can be seen, the values ​​are different, and they are adjusted to the calculated values ​​- but not redrawn.

Attachment download

📎 filtered_price.mq5 (10.74 KB)

Source: MQL5 #23175