Hey fellow traders! Today, we’re diving into the Triple Exponential Moving Average (TEMA) indicator, a powerful tool designed for MetaTrader 5. Developed by Patrick Malloy, this indicator was first introduced in the Technical Analysis of Stocks & Commodities journal. It's got some advanced features that make it a go-to for many traders.
If you’re looking to shake things up beyond the usual moving averages, TEMA might just be your new best friend. This indicator cleverly combines a single exponential moving average, a double exponential moving average, and a triple exponential moving average, resulting in less lag than any of these averages alone. It’s designed to give you quicker signals, which can be a game-changer in today’s fast-paced trading environment.
Indicator Input Parameters
- Smoothing Method for First Average:
MA_Method1=MODE_EMA(Exponential Moving Average) - Length for First Smoothing:
Length1=12(Depth of the first smoothing) - Phase for First Smoothing:
Phase1=15(Parameter for the first smoothing) - Smoothing Method for Second Average:
MA_Method2=MODE_EMA - Length for Second Smoothing:
Length2=5 - Phase for Second Smoothing:
Phase2=15 - Smoothing Method for Third Average:
MA_Method3=MODE_EMA - Length for Third Smoothing:
Length3=5 - Phase for Third Smoothing:
Phase3=15 - Applied Price for Calculation:
IPC=PRICE_MEDIAN - Shift for Indicator:
Shift=0 - Price Shift in Points:
PriceShift=0
It's important to note that the Phase1, Phase2, and Phase3 parameters vary in meaning depending on the smoothing algorithm you choose. For instance, in JMA, the phase can range from -100 to +100. For T3, it’s a smoothing ratio, while for VIDYA, it’s related to the CMO oscillator period.
This indicator makes use of the SmoothAlgorithms.mqh library classes, so don’t forget to copy that into your <terminal_data_folder>\MQL5\Include directory. You can find a thorough explanation of these classes in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Originally crafted in MQL4, this gem was first published in the Code Base on June 19, 2015.
Fig.1. The TEMA_CUSTOM indicator
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