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2013.02.14 05:31
Indicators

AbsoluteStrengthMarket - indicator for MetaTrader 5

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votes: 22

Description:

This indicator with a sufficient accuracy allows defining 6 market states, exactly:

  • Bull market (Bull Market).
  • Bear market (Bear Market).
  • Correction (Correction) in a bull market.
  • Correction in a bear market (Bear Market Rally).
  • Choppy market (Choppy Market).
  • Flat market (Sideways Market).

As in AbsoluteStrength to define the market forces 3 methods of calculation are used: RSI, Stochastic and DMI. Using Length, PreSmooth, Smooth, Signal and MA_Mode parameters you can achieve the desired accuracy of calculation. Keep in mind that a period of a signal line (Signal) starts from 1, in this case Bulls and Bears values on the previous bar are used.

The indicator also applies a set algorithm for calculation used on high timeframes. It allows putting several indicators in one subwindow for different timeframes as it has been displayed in the image.

If parameter AlertMode=1, then a monitor will display messages informing about changing market conditions.

Image:

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1519

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