ColorSTD_Histogram – indicator for MetaTrader 5
Real author: BECEMAL
The smoothed Simple Trend Detector with the color indication of overbought/oversold level breakouts and of the histogram direction. Depending on the value of the indicator’s input parameter:
There are two variants of histogram coloring:
- Breakout of overbought/oversold levels;
- Change of direction.
For better histogram readability, the indicator is performed in zero relative symmetric form, and its values vary from -50 to +50.
The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was described in detail in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
This indicator was first implemented in MQL4 and published in the CodeBase on 26.07.2010.
Fig1. Indicator ColorSTD_Histogram