Symmetrical normalized oscillator inspired by ideas from TrendLaboratory Ltd website.
The color depends on the current trend direction. The signals must be filtered using additional trend indicator (e.g., some type of the moving average).
Smoothing algorithm can be changed in this indicator:
It should be noted that Phase parameter has completely different meaning for different smoothing algorithms.
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/610
The trend indicator made as NRTR (Nick Rypock Trailing Reverse).ZigZag NK FiboFan
ZigZag allowing to build Fibo fans on the last two ZigZags.