CodeBaseSections
Watch how to download trading robots for free
Find us on Telegram!
Join our fan page
Interesting script?
So post a link to it -
let others appraise it
You liked the script? Try it in the MetaTrader 5 terminal
to pocket
Indicators

Range weighted average MACD - indicator for MetaTrader 5

Mladen Rakic | English Русский 中文 Deutsch 日本語 Português
Views:
7718
Rating:
(22)
Published:
Updated:
Download as ZIP How to download code from MetaEditor
MQL5 Freelance Need a robot or indicator based on this code? Order it on Freelance Go to Freelance

Theory:

Strictly speaking MACD is a (as defined by Gerald Appel, who invented it) difference of fast and slow EMA and then a signal line (which is also EMA) is calculated for such a difference.

This version:

This indicator is not using EMA for MACD calculation but is using range weighted average (published here : Range Weighted Average with some more explanation) and is using range weighted average for signal line too (making it a sort of "all range weighted average" MACD).

Usage:

You can use it in all the usual ways how MACD indicators are used, Color changes added on MACD to signal line crosses and OSMA is displayed as a filled zone in order to facilitate the reading of the MACD.


Range weighted average Range weighted average

Range weighted average - average that uuse the current volatility for weighted average calculation

Filtered WPR Filtered WPR

Filtered WPR (Williams Percent Range)

Range weighted EMA Range weighted EMA

Range weighted exponential moving average (EMA)

Range weighted smoothed EMA Range weighted smoothed EMA

Range weighted smoothed EMA