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Views:: 9430
Rating:: (16)
Published:: 2018.10.25 18:35

OBOS.mq5 (16.02 KB) view

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Overbought/Oversold oscillator displays the market movement direction color histogram in a separate window.

The indicator has three input parameters:

Period - calculation period
Overbought - overbought level
Oversold - oversold level

Calculation:

Up = EMA(EMA((WP-EMA(WP)) / StdDev(WP)))
Down = EMA(Up, Period)

where:

EMA - EMA(PRICE_WEIGHTED, Period)
StdDev - StdDev(PRICE_WEIGHTED, Period)
WP - weighted price (High+Low+Close+Close)/4

The upward movement is displayed by the green histogram
The downward movement is displayed by the red histogram
Uncertain movement is displayed by the gray histogram

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/22186

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