The Momentum oscillator with a triple averaging and a signal line. In this case, the triple averaging is used for filtering the direction of the indicator.
This indicator was first implemented in MQL4 and published in Code Base on 06.03.2008.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the 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".
Figure 1. The Velocity_v2 indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1779
A trend indicator with four statesTrendChannel
The indicator draws two trend lines for the closest price extremes