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Views:: 5046
Rating:: (6)
Published:: 2018.07.13 15:37

Slingshot.mq5 (11.3 KB) view

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Oscillator Slingshot displays in the chart the price momentum histogram and signal line. The probable direction of the fitire price movement is marked in the histogram with different colors:

Green - up-movement;
Red - down-movement;
Lime green - rolling back upwards or starting up-movement;
Orange - rolling back downwards or starting down-movement;
Gray - neutral market.

The indicator has four configured parameters:

Period - calculation period;
Applied price - calculation price;
Signal period - signal line period;
Signal price - signal line calculation price.

Calculations:

SValue = PriceSV - PriceSV[Period1]
Signal = PriceSig - PriceSig[Period2]

where:

PriceSV - SMA(1, Applied price)
PriceSig - SMA(1, Signal price)
Period1 - Period
Period2 - Signal period

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21250

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Slingshot - indicator for MetaTrader 5