The Exp_ColorJMomentum Expert Advisor is based on the ColorJMomentum oscillator change of direction. The signal is formed when a bar is closing if there is a change in the oscillator direction.
This Expert Advisor requires the compiled indicator file ColorJMomentum.ex5 in order to run. Place it in <terminal_data_folder>\MQL5\Indicators.
Note that the TradeAlgorithms.mqh library file allows using Expert Advisors with brokers who offer nonzero spread and the option of setting Stop Loss and Take Profit together with position opening. You can download more variants of the library at the following link: Trade Algorithms.
Default Expert Advisor's input parameters have been used during the tests shown below. Stop Loss and Take Profit have not been used during the tests.
Fig.1. Trade examples on the chart
Testing results for 2014 at GBPJPY H8:
Fig.2. Testing results chart
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/13357
The indicator shows Moving Averages (MA) values, difference between values and difference between MA.ColorZerolagX10MA_StDev
The ColorZerolagX10MA indicator with additional trend strength indication using colored dots based on the standard deviation algorithm.