If you're looking to enhance your trading strategy, the XEnvelopes3 indicator for MetaTrader 5 is definitely worth a closer look. This tool features three envelope channels based on a single moving average, each with varying deviation values, visually represented as a cloud.
Here’s a quick rundown of the channels: the first one is painted in a soft gray. The second channel, which stretches beyond the first, has its upper boundary in a gentle green and the lower boundary in a light pink. Finally, the third channel extends even further, with its upper limit in a pale blue and the lower limit in a bright pink. This colorful cloud not only looks good but also helps you visualize price action effectively.
To get the most out of this indicator, you'll need to integrate the SmoothAlgorithms.mqh library. Just copy it into your <terminal_data_folder>\\MQL5\\Include directory. For a deeper dive into how these classes work, check out the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Figure 1. The XEnvelopes3 Indicator
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