This indicator is a modification of classical Awesome Oscillator indicator. It computes the smoothed difference of two exponential moving averages.
The indicator has 3 inputs: shortmean and longmean stand for the periods of two exponential moving averages (by default 30 and 60, respectively). The last input, meanAO, indicate the period of the smoothed moving average for the difference (in pips) between the shortmean-longmean EMA's.
The code has essentially three buffers:
Finally, using the "include <MovingAverages.mqh>", we compute the smoothed moving average of this last array (ExtAOBuffer) obtaning the indicator.
In the following image you can show this indicator in a daily chart of USDJPY with inputs 5 and 34 for the exponential means and 7 for the mean of the difference between them.
You can compare the indicator with the classical Awesome indicator which has as inputs for the exponential averages 5 and 34 in the following image.
Here, you can show an image with the parameters by default (30-60-30):
This indicator measures the (smoothed) distance in pips between the close and an exponential moving average.Rate_AOModPips
This indicator measures the rate of change of AwesomeModPips indicator.