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Published:

2018.08.23 13:38

Open_Oscillator.mq5 (11 KB) view

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Open_Oscillator calculates Open price change dynamics for a specified period of time. It draws two lines - minimum and maximum Open prices for the range relative to the current values, as well as two signal lines.

It has two configurable parameters:

Period - calculation period;
Signal period - signal lines smoothing period.

Calculation:

Low = MinPos - Open
High = Open - MaxPos
SignalLow = EMA(Low, Signal period)
SignalHigh = EMA(High, Signal period)

where:

MinPos - lowest price within the Period range;
MaxPos - highest price within the Period range.

The location of the signal lines relative to each other indicates a trend, the crossings of the signal and the oscillator lines indicate the entry direction.

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21543

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