Aroon oscillator is usually not associated with to much flexibility. It is its nature ...
version is breaking that. Instead of using fixed levels to find out
trends / overbought / oversold conditions, this version is introducing
dynamic levels in order to change that rigidness. Levels are calculated
using quantile bands (some more information on quantile calculation can
be found here : https://en.wikipedia.org/wiki/Quantile) and that changes the way how Aroon oscillator behaves significantly
(and exists) are signaled much faster and, with some parameters
experimenting, it can be fine tuned to work in a ways that Aroon
oscillator never could be used.
Indicator can use any price
combination(s) for calculation (original Aroon oscillator could use only
high an low), is multi time frame and already has all the usual alerts
Upgraded composite rsi
Added a choice of floating levels of quantile bands, coloring modes changed (to "inherit" the color in periods of long same value holding), code optimization done ...
This is a cfb using a mid quantile band for it's trend no trend calculation, usually the case for cfb if it is sloping up there is a trend but in this case using the crossing of the quantile band for trend or no trend.
More upgrades - new coloring modes. New options. Code optimized (especially in floating levels mode)
ADXm for metatrader - the "basic" version
A few words of explanation ...
First the "basic" term :
From now on, if something new is going to be made, I will always do the following :first the "basic" version will be posted (a version with just bare calculations, and bare options, nothing of the usual additions like alerts, multi time framing, dynamic levels, filters ... any usual addition that we are used to)after that the "extended" version(s) will be madeThis is going to be done in order to make it clear what is exactly the indicator itself and what are the extensions and to make it easier to use the version depending on the task they have to perform
From now on, if something new is going to be made, I will always do the following :
This is going to be done in order to make it clear what is exactly the indicator itself and what are the extensions and to make it easier to use the version depending on the task they have to perform
As of ADXm - according to its original inventor (ANG3110), this is its description :
Unlike the traditional ADX indicator, where the ADX itself is plotted
in absolute units and detection of the trend direction is hindered,
this indicator clearly displays the positive and negative ADX half-waves
(displayed as colored on the chart). And the DI+/- signals are
displayed as their difference (gray).
The method of using this indicator is the same as the traditional one.
In addition, it displays the levels (dashed), above which the market
is considered to be in a trend state. This level is usually set to
approximately 20-25 percents, - somewhat depends on the time frame it is
This version deviates a bit since it allows 3 prices to be used (price for close,high and low where the original does not have prices options at all since it uses fixed close,high and low for calculation), but all the rest (including the results, if default parameters are used) is same. The code itself is not (which is normal, since this is a completely new way it was coded) but in this version it is made to be re-usable code and it can easily be used in any other code. And, unlike the original mt4 version that could repaint the colors on occasions, this version can not repaint (at all)
So, this is the basic version ...
Extended version of ADXm posted here : https://www.mql5.com/en/forum/179671/page19
Upgraded version of rsi of adaptive T3 (in way it is an rsioma of adaptive T3 - if the T3 period is set to <=1, then it is a regular RSI)
It can use the 7 types of RSI now :
As usual, some code optimization made and some more options added
Is there a MT5 version of the "Wave Trend Oscillator" mentioned here?: