ColorXvaMA_Digit_StDev – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • Real author:

    J.B

    The vaMA indicator with the ability to replace averaging. It displays the most recent value as a price label with the possibility to round the channel levels up to a required number of digits. Additionally, it indicates the trend strength by colored dots based on the standard deviation algorithm. The number of digits to round is set in the input variable Digit:

    input uint Digit=3; //Number of digits to round to

    If the standard deviation of the ColorXvaMA indicator is between the dK1 and dK2 parameter values, then a small colored dot appears on the moving average. Its color corresponds to the current trend direction.

    input double dK1=1.5;  // Square-law filter coefficient 1
    input double dK2=2.5;  // Square-law filter coefficient 2
    

    If the standard deviation becomes higher than the dK2 input parameter value, then the dot size increases. Thus, we get 3 levels of trend strength indication.

    1. Weak — no dots;
    2. Medium — small colored dots;
    3. Strong — big colored dots.
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    The indicator uses the classes of SmoothAlgorithms.mqh library (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.

    Fig1. The ColorXvaMA_Digit_StDev indicator

    Fig1. The ColorXvaMA_Digit_StDev indicator

  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window
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