Strip T3 Levels - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

Tim Tillson (the inventor of the T3 indicator) uses generalized DEMA in the T3 calculation. What is less well known is that there are 3 "levels" of T3 calculations: GDEMA (as the first "level"), GDEMA of GDEMA (as the second "level"), and GDEMA of GDEMA of GDEMA (i.e. T3).

This indicator:

There you can select which "level" of 3 levels you want to be displayed. It is a 3-in-1 indicator (because it shows the "levels" mentioned above). It also uses self-adjusting levels to identify trends. Instead of using the slope of a calculated value, use horizontal crossovers as trend directions so that they can filter out less significant slope changes that could lead to false signals.

You can use the color change of a value as a signal.

PS: "Big Picture" example, where all 3 "levels" are shown (just the type is different, the rest of the parameters are the same).

Attachment download

📎 stripped_t3_levels.mq5 (15.65 KB)

Source: MQL5 #22941