RJTX_Matches_Smoothed - indicator for MetaTrader 5

Real author:

Rafael Jimenez Tocino

The indicator helps to determine the beginning and end of trends on the basis of the slope of the "matches" lines and the color of their heads.

The slope of these lines shows the evolution of the price trend. This shows the strength of the trend, whether it continues, or we need to prepare for a change of the direction.

Each match represents a line between the smoothed open price of a bar and the smoothed close price of the next one. In contrast to the author's version, in this indicator the distance between the opening price and closing price is not a single bar, but the number of bars, located at a distance determined by the input parameter of the indicator:

//+----------------------------------------------+
//| Indicator input parameters                   |
//+----------------------------------------------+
input uint iPeriod=10;

This makes the indicator more versatile in use. The averaging of the timeseries is done to reduce noises. This option is suitable for intraday trading (scalping, swing) on small timeframes (M1/H1).

The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".

Originally this indicator has been written in MQL4 and was first published in the Code Base on 23.12.2015.

Figure 1. The RJTX_Matches_Smoothed indicator