Indicators: ColorJ2JMAStDev

[Automated-Trading]

ColorJ2JMAStDev:

The ColorJ2JMA with additional trend strength indication using colored dots based on the standard deviation algorithm.

If the standard deviation of the ColorJ2JMA indicator is between the dK1 and dK2 parameter values, then a small colored dot appears on the moving average. Its color corresponds to the current trend direction.

input double dK1=1.5;  // Square-law filter coefficient 1
input double dK2=2.5;  // Square-law filter coefficient 2

If the standard deviation becomes higher than the dK2 input parameter value, then the dot size increases. Thus, we get 3 levels of trend strength indication.

1. weak — no dots;
2. medium — small colored dots;
3. strong — big colored dots.

The ColorJ2JMAStDev indicator uses the CJJMA class from SmoothAlgorithms.mqh library (copy it to <terminal_data_folder>\MQL5\Include). The use of the class was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".

Fig.1. The ColorJ2JMAStDev indicator

Author: Nikolay Kositsin