SC MTF Elegant Oscillator for MT5 with alert
- Indicators
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Krisztian Kenedi
MQL4 / MQL5 Developer | TrueTL Project Founder (since 2011)
I have been developing professional trading tools and custom algorithms since 2011. - Version: 5.15
Freelance programming services, updates, and other TrueTL products are available on my MQL5 profile.
Feedback and reviews are highly appreciated!
What is EO?
The Elegant Oscillator (EO) is a normalized momentum indicator that combines a Fisher Transform (inverse hyperbolic tangent) with a Butterworth low-pass filter. It measures the relative strength of recent price movement by comparing the current price derivative to its root-mean-square (RMS) over a configurable oscillator period, then smooths the result using a second-order Butterworth filter controlled by the band edge parameter.
EO values oscillate between -1 and +1. Positive values indicate upward momentum, negative values indicate downward momentum. Because the output is normalized against recent volatility, the indicator behaves consistently across different instruments and timeframes. Traders use EO to identify direction changes, momentum exhaustion, and zero-line crossings as potential entry or exit signals.
Features:
- Visual signal markers with arrows and vertical lines
- Three independent signal buffers with configurable triggers
- Signal detection options: direction change, level cross, peak/valley
- Configurable alert functions for each signal (email, push, sound, popup)
- Multi-timeframe (MTF) capability with interpolation methods
- Histogram or line drawing mode
- Multiple color modes (simple, direction-based, level-based)
- Custom indicator call (iCustom) buffer access for Expert Advisor (EA) integration
Input Parameters:
- Basic Settings:
- Band edge: Controls the cutoff frequency of the Butterworth low-pass filter. Lower values produce a smoother, more lagging output; higher values make the oscillator more reactive.
- Oscillator period: Number of bars used to calculate the root-mean-square (RMS) of the price derivative. A larger period normalizes over a longer volatility window.
- Price: Select the price type used for calculation (Close, Open, High, Low, Median, Typical, Weighted).
- EO bar shift: Offset the line drawing by specified number of bars.
- EO timeframe: Choose timeframe for MTF display.
- MTF Interpolation mode: Select smoothing method (Off, Linear, Smooth, Weighted, Simple Moving Average).
- Levels Settings:
- Show level: Toggle level line visibility.
- Adjust level value: Set custom level position.
- Level appearance: Customize color, style, and width.
- Signal Settings:
- Signal 1/2/3 trigger: Configure detection type (direction change, level cross, peak/valley).
- Visual markers: Enable arrows and vertical lines with customizable size, style, and position.
- Arrow customization: Set Wingdings codes and colors for up/down signals.
- Alert Settings:
- Alert timing: Choose when alerts trigger (Off, After close, Before close, Both).
- Alert interval limit: Set minimum minutes between repeated alerts.
- Time range filter: Restrict alerts to specific hours.
- Delivery methods: Enable email, push, popup, and sound notifications.
- Color and Style Settings:
- Color mode: Select from multiple modes (simple, direction-based, level-based).
- Histogram mode: Switch between line and histogram display.
- Line appearance: Customize colors (4 per line), style, and width.
