OBOS - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
The Overbought/Oversold Oscillator displays a color histogram of the direction of the market movement in a separate window.
The indicator has three input parameters:
Upside = EMA(EMA((WP-EMA(WP)) / StdDev(WP))) Down = EMA(Up, Period)
EMA - EMA(PRICE_WEIGHTED, period) standard deviation - standard deviation (PRICE_WEIGHTED, period) WP - Weighted price (highest price + lowest price + closing price + closing price)/4
Upward motion is represented by the green histogram. Downward motion is represented by the red histogram. Indeterminate motion is represented by the gray histogram.
Attachment download
📎 obos.mq5 (16.02 KB)
Source: MQL5 #22186
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