The Candles_Smoothed indicator is a game changer for traders using MetaTrader 5. It applies smoothing to every aspect of a price candlestick: the Open, Low, High, and Close. This gives you a clearer view of the market trends at a glance.
One of the standout features of this indicator is its visual representation of the current market trend. The color of the candlestick reveals the trend direction, while the size of its body indicates the strength of that trend.
You have the flexibility to choose from ten different smoothing methods:
- 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 note that the phase parameters for different smoothing methods have unique meanings. For instance, with JMA, the external phase variable ranges from -100 to +100, while for T3, it's a smoothing ratio multiplied by 100 for better visualization. For VIDYA, it involves a CMO oscillator period, and for AMA, it’s based on a slow EMA period. In contrast, other algorithms don’t affect smoothing with these parameters. Notably, the fast EMA period for AMA is fixed at 2 by default, and the power ratio is also set to 2.
To make the most of this indicator, you'll need to copy the SmoothAlgorithms.mqh library classes into your terminal_data_folder/MQL5/Include. For a thorough explanation on how to utilize these classes, check out the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
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