It is designed to evaluate the actual market overbought/oversold states.
The indicator histogram bars change their color when its value exceeds or is equal to 60%, 80% and 100% of an overbought/oversold levels. Initially J. DiNapoli described the indicator as a linear chart, but, perhaps, its interpretation as a colored histogram, where crossing of one of the critical levels changes the color of a bar, is more convenient.
This indicator allows to select a smoothing type out of ten possible versions:
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".
This indicator was first implemented in MQL4 and published in CodeBase 30.03.2010.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/663
Vertical time grid with six hours step.IncOsMAOnArray
COsMAOnArray class is designed for calculation of OsMA (Moving Average of Oscillator) values on indicator buffers. The example of use of the class is provided.