Skyscraper_Fix - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Real author: Trend Lab

Fixed version of skyscraper indicator. The original form of this indicator has one distinctive feature. When calculating the current bar, it uses the volatility of the financial instrument calculated taking into account all previous chart bars. Therefore, as the chart moves to the right, the indicator's NRTR line becomes farther and farther away from the current price value. This approach may be feasible for short-term financial instruments, but in general the algorithm should limit the calculation of volatility to a certain period, which is done in the proposed version of the indicator. The definition of volatility considers the input parameters:

 Input unit length = 10 ; // ATR period

The indicator center line is also similar to the main line in the NRTR form and is colored according to the current trend.

Figure 1. Skyscraper_Fix

Attachment download

📎 skyscraper_fix.mq5 (23.77 KB)

Source: MQL5 #22288