Rainbow WMA - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Based on Mel Widner's Rainbow Average (similar to Guppy MMA), this is a generalized version with quite a few extensions.
It is a single-value indicator (like any other average) and can use a calculation depth of up to 50. "Depth" refers to the recursive way of calculating the Rainbow WMA. While the original version of Mel Widner was only built for depth 10, and since that was quite restrictive, here we have a version that can also calculate depth using variables. The greater the "depth", the smoother the average, but interestingly, significant trend changes do not lag too much.
In any case, it is recommended to experiment with these parameters before trading with them.
Attachment download
📎ranbow_wma.mq5 (8.33 KB)
Source: MQL5 #20826
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