Found a completely different formula for McGinley Dynamic average : metastock formula. And decided to give it a try. And even though the average itself is not too different, the adxm result appeared (finally ). So here is a version that can calculate ADXm using McGinley Dynamic : ADXm averages 2_6.ex4
Otherwise it would drive me nuts
Rsx variation indicator with variable calculation depth : rsx_variation_1_2.ex4
PS: the higher the depth, the smoother the result. Example is using depth5 (default depth for rsx is 3 for the original rsx)
This version of indicator is mainly made because of the McGinley Dynamic average. The John McGinley has some illogical parts (very poor when values are repeated, for one) and some things that are even less than illogical (for example he advises that the correction factor should be 60% of previous value for period 20, nn% of previous value for period mm, and so on), and that is why I decided to use metastock formula as a basis and to adjust it. So this version does that, and no, no manual % adjustment needed
Example bellow is the new McGinley Dynamic average
How is the metastock formula calculated?
The formula itself is the following :
Ref(Mov(C,12,E),-1)+((C-(Ref(Mov(C,12,E),-1))) / (C/(Ref(Mov(C,12,E),-1))*125))
Will make on metatrader version that will show how it can be easily improved
Upgraded version of macd to price correlation (description of what and how it does in the above quote and the quoted link) : correlations_-_macd_to_price_2.mq4
correlations - macd to price 2.mq4
adding mtf and level zero alert
Posted an enhanced metatrader 4 version (that allows 4 types of McGinley dynamic average calculation) here : https://www.mql5.com/en/forum/173235/page95
Could you modify the attached indicator as CANDLE FORMAT INDICATOR with ALERTS. Currently this indicator is in Line format.
I need Green colour candle in place of blue colour line and Red colour candle in place of red colour line.
Thanks in advance
Just checking : you men like colored candles on chart?
What would happen if some other averages would be used to calculate McGinley (not just the 4 built in average)?