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EWO.mq5 (9.71 KB) view

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

It has four inputs:

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 Ltd.
Original code: https://www.mql5.com/ru/code/22593

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EWO - indicator for MetaTrader 5