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2013.01.25 15:25
Indicators

EVWMA - indicator for MetaTrader 5

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evwma.mq5 (8.45 KB)view

The real author:

Aborigen

EVWMA is the indicator that represents an elastic, volume weighed Moving Average. This is another interpretation on the theme of a good old Moving Average, so the main task is to get the best Moving Average and remove its drawbacks.

What is the difference of the EVWMA indicator from the standard Moving Average? At first, the EVWMA indicator has no period of averaging, but instead of it volume or time is used. Thus the indicator can be considered as self-adjust to different market states. In this respect, the information about volume is considered by the EVWMA indicator in a natural way.

The EVWMA forex indicator has a mathematical basis and is recommended to use as a trend indicator instead of traditional Moving Averages. However, some drawbacks should be considered, for example "broken" type of the line that will not allow to define the trend force.

To this must be added that for a normal work of the indicator, the indicator must be promptly set for each financial instrument and input parameters must be selected according to each timeframe!

Fig.1 The EVWMA indicator

Fig.1 The EVWMA indicator 

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1463

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