Multiple Moving Averages

This indicator was named “Multiple Moving Averages” because it can plot up to 10 different moving averages on the same chart, assigning each a color that creates a blurred effect, which significantly improves its visual appeal and ease of interpretation. The only limitation is the number of available moving averages of different types.

In the case of ThinkScript, the documentation states that there are five different types of moving averages: simple, exponential, weighted, Wilder’s moving average, and Hull’s moving average. In the case of PineScript, this number rises to nine, as it includes variants of the weighted moving average and Arnaud Legoux’s moving average. As for MQL5, we consider only four prebuilt moving averages: simple, exponential, smoothed, and linear weighted.

This indicator uses prebuilt functions, but it is a composite indicator, as it combines different indicators within the same code to enhance chart analysis. Users can easily configure the type of moving average, its period, and the type of price data. The indicator was specifically adapted for MQL5.