Discussing the article: "MQL5 Wizard Techniques you should know (Part 67): Using Patterns of TRIX and the Williams Percent Range"
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Check out the new article: MQL5 Wizard Techniques you should know (Part 67): Using Patterns of TRIX and the Williams Percent Range.
The Triple Exponential Moving Average Oscillator (TRIX) and the Williams Percentage Range Oscillator are another pair of indicators that could be used in conjunction within an MQL5 Expert Advisor. This indicator pair, like those we’ve covered recently, is also complementary given that TRIX defines the trend while Williams Percent Range affirms support and Resistance levels. As always, we use the MQL5 wizard to prototype any potential these two may have.
We continue our series on studying signal patterns generated by pairing technical indicators. Last time, we looked at the fractal adaptive moving average when paired with the force index oscillator. For this article, we are looking at the Triple Exponential Moving Average Oscillator (TRIX) when paired with another oscillator, the Williams Percent Range (WPR). TRIX being a moving average oscillator is a trend signalling indicator, while the Williams Percent Range acts as a compliment on support and resistance levels.
We look at typical 10 patterns that can be generated from combining these two indicators, as we have in past articles, and are training or optimizing with CHF JPY on the 4-hour time frame for the year 2023. Forward walks or testing are done with this symbol for the year 2024.
The basic definition of TRIX is it is a momentum oscillator that smoothes price by using a triple exponential moving average. It is best suited for identifying trends by smoothing or filtering out noise. It is able to achieve this by measuring the rate of change of a triple smoothed moving average. Besides trend confirmation, it does also provide divergence signals. TRIX is derived by applying an exponential average (EMA) three times.
Author: Stephen Njuki