Author:
The Go indicator is an essential tool for traders using MetaTrader 5, as it provides a clear visualization of the current market trend.
Here’s how it’s calculated:
Go = SMA(CLOSE[bar] - OPEN[bar], period)
In this formula:
- OPEN[bar] - the opening price of the bar;
- CLOSE[bar] - the closing price of the bar;
- SMA() - the smoothing algorithm;
- period - the smoothing period, which you can learn more about here;
- bar - the index of the bar.
Basic signals generated by the indicator include:
- Crossing above the zero line indicates a BUY signal;
- Crossing below the zero line indicates a SELL signal.
The author suggests using a smoothing period of 174, but feel free to experiment with other values to suit your trading style.
The Go indicator utilizes the CMoving_Average class from the SmoothAlgorithms.mqh library. For those interested in a deeper dive, you can refer to the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers" for detailed information.
Originally designed in MQL4, this indicator was first published in the Code Base on August 3, 2006.
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