Chaikin Oscillator is a popular tool named after its creator, Marc Chaikin. This indicator is built on the principles of the Accumulation/Distribution indicator, along with insights from trading legends like Joe Granville and Larry Williams.
The version of the Chaikin Oscillator available in MetaTrader 5 offers flexibility with its smoothing options. You can choose from ten different smoothing algorithms:
- SMA - Simple Moving Average;
- EMA - Exponential Moving Average;
- SMMA - Smoothed Moving Average;
- LWMA - Linear Weighted Moving Average;
- JJMA - JMA Adaptive Average;
- JurX - Ultralinear Smoothing;
- ParMA - Parabolic Smoothing;
- T3 - Tillson's Multiple Exponential Smoothing;
- VIDYA - Smoothing Using Tushar Chande's Algorithm;
- AMA - Smoothing Using Perry Kaufman's Algorithm.
It's important to remember that the Phase parameter has different implications based on the smoothing algorithm you're using:
- For JMA, it adjusts from -100 to +100;
- For T3, it expresses a smoothing ratio multiplied by 100 for clarity;
- For VIDYA, it represents the CMO period, while for AMA, it's about the slow EMA period;
- AMA's fast EMA period is typically set at a fixed value of 2, which is also the ratio for raising the power.
To use this indicator effectively, you'll need to incorporate the SmoothAlgorithms.mqh library classes (ensure these are copied to the terminal_data_folder/MQL5/Include). For a detailed guide on using these classes, check out the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
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