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Aroon Indicator in new form - indicator for MetaTrader 5

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votes: 15
2016.11.03 15:27
aroon_1_1.mq5 (6.83 KB)view

The Aroon indicator is a technical indicator used for identifying trends in an underlying security and the likelihood that the trends will reverse.

It is made up of two lines:

  • one line is called "Aroon up", which measures the strength of the uptrend,
  • and the other line is called "Aroon down", which measures the downtrend.   
The indicator reports the time it is taking for the price to reach, from a starting point, the highest and lowest points over a given time period, each reported as a percentage of total time. This indicator adds the coloring in order to make it easier to spot the trend change (which can be difficult sometimes it the coloring is not there).

Elder Auto Envelopes Elder Auto Envelopes

The auto envelope automatically sizes channels by calculating a standard deviation for the last n bars.

Normalized MACD Normalized MACD

This version is an attempt to normalize MACD in known bounds

Aroon on chart Aroon on chart

The version of Aroon indicator that displays colored line, bars or candles on the mains chart.

Aroon oscillator on chart Aroon oscillator on chart

The version of Aroon oscillator, displayed on the main chart.