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RTL.mq5 (8.12 KB) view

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The Recursive Trendline (RTL) indicator shows the trend as a recursive line.

It has two parameters:

Calculation formula:

RTL[i] = (1 - Alpha)*RTL[i-1] + Alpha*(Price[i] + b0[i] - b0[i-1]),
TOSC[i] = (RTL[i] - EMA(Period, Price))

where

Alpha = 2/(Period + 1)
b0[i] = (1 - Alpha)*b0[i-1] + Price[i]

Possible interpretation: if the line is below the price - Buy, if the line is above the price - Sell.

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/20271

PVT

Price Volume Trend (PVT) is an indicator of price trend and volume, similar to the standard On Balance Volume (OBV) indicator.

Period_Open_Line

The indicator shows the open price of a period.

TOSC

A Trend Oscillator.

TTMS

John Carter TTM Squeeze - an indicator of trend zones.

RTL - indicator for MetaTrader 5