BB XMACD is a simple MACD (Moving Average Convergence/Divergence) indicator variation that allows to determine the points of a trend direction change and the current trend power.
The indicator is generated in a separate chart window and consists of two lines (blue and red) and dots that can be green or magenta. Changes of dots colors are good signals and the distance between the lines displays the power of the current trend.
As we can see from the sample chart, buy signals appear when magenta dots change to green ones and sell signals emerge in case of a reverse situation. It is better to make deals when the distance between blue and red lines is quite considerable.
This indicator allows to select the smoothing type of MACD basic histogram, its signal line and bands out of ten possible variants:
It should be noted that Phase type parameters for different smoothing algorithms have completely different meaning. For JMA it is an external Phase variable changing from -100 to +100. For T3 it is a smoothing ratio multiplied by 100 for better visualization, for VIDYA it is a CMO oscillator period and for AMA it is a slow EMA period. In other algorithms these parameters do not affect smoothing. For AMA fast EMA period is a fixed value and is equal to 2 by default. The ratio of raising to the power is also equal to 2 for AMA.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the 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".
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/510
Standard colored MACD histogram allowing to select smoothing algorithms from ten possible variants and containing alerts.PowerTrend
This indicator determines trend power and direction.