The indicator looks similar to MA since it filters the price direction (trend) in the same way.
Detrended Price Oscillator is calculated according to the formula:
DPO(i) = Close(i) - SMA(i, N)
where N — MA period.
The indicator uses the classes of SmoothAlgorithms.mqh library (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".
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 01.09.2008.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/15288
The channel applying the algorithm similar to the simplest zigzag.Elliott_Wave_Oscillator_HTF_Signal
Elliott_Wave_Oscillator_HTF_Signal shows a trend direction or a signal for performing a deal generated by Elliott_Wave_Oscillator_Sign indicator at the chosen bar as a graphic object with colored trend indication or deal direction and sends alerts or audio signals in case of a market entry moment.