Author: Tushar Chande
Description:
The Chande Momentum Oscillator (CMO) is a powerful technical indicator crafted by Tushar Chande, designed to help traders gauge momentum in the markets. If you’re looking to enhance your trading strategies, this indicator is a must-have. Chande dives deep into this and other indicators in his insightful book, "The New Technical Trader: Boost Your Profit by Plugging into the Latest Indicators".
The CMO ranges from -100 to 100, with values above +50 indicating an overbought market condition, while values below -50 point to an oversold state. This makes it a handy tool for traders looking to identify potential market reversals or continuations.
To utilize the CMO effectively, it leverages the SmoothAlgorithms.mqh smoothing algorithms library, which you’ll need to place in your terminal_data_folder\MQL5\Include directory. For more details on implementing this, check out the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
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