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1703
Rating:
votes: 10
Published:
2018.12.18 19:11
EWO.mq5 (9.71 KB)view

Elliot Wave Oscillator displays the difference between two moving averages as a colored histogram.

It has four inputs:

  • Fast MA period
  • Slow MA period
  • Method - МА calculation method
  • Applied price - МА calculation price

Calculation:

EWO = FastMA - SlowMA

where:

FastMA - MA(Applied price, Fast MA period, Method)

SlowMA - MA(Applied price, Slow MA period, Method)

  • If the histogram is above zero and the indicator values are rising, the histogram bars are colored light-green
  • If the histogram is above zero and the indicator values are falling, the histogram bars are colored dark-green
  • If the histogram is below zero and the indicator values are falling, the histogram bars are colored orange
  • If the histogram is below zero and the indicator values are rising, the histogram bars are colored dark-red

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/22593

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