ColorXPWMA_Digit_StDev - indicator for MetaTrader 5

The ColorXPWMA_Digit indicator with additional trend strength indication using colored dots based on the standard deviation algorithm.

If the standard deviation of the ColorXPWMA_Digit indicator is between the dK1 and dK2 parameter values, then a small colored dot appears on the moving average. Its color corresponds to the current trend direction.

input double dK1=1.5;  // Square-law filter coefficient 1
input double dK2=2.5;  // Square-law filter coefficient 2

If the standard deviation becomes higher than the dK2 input parameter value, then the dot size increases. Thus, we get 3 levels of trend strength indication.

1. Weak — no dots;
2. Medium — small colored dots;
3. Strong — big colored dots.

The ColorXPWMA_Digit_StDev indicator uses the CJJMA class from the SmoothAlgorithms.mqh library (copy it to <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.

Fig. 1. Indicator ColorXPWMA_Digit_StDev