Hey fellow traders! Today, we're diving into the EMA HLC Envelope Oscillator, a handy tool for your MetaTrader 5 setup. This oscillator gives you a clear visual representation of how the price interacts with the EMA HLC Envelope, displayed as a histogram. Let's break it down!
The EMA HLC Envelope Oscillator has one key adjustable parameter:
- Period - This is the calculation period for the envelopes of the EMA HLC Envelope.
When the Close price breaks through the upper envelope of the EMA HLC Envelope, the histogram shows positive values, indicating the distance from that upper level. Conversely, if the Close price dips below the lower envelope, the histogram displays negative values, reflecting how far the price is from that lower envelope.
Fig.1. EMA HLC Envelope Oscillator
Fig. 2. EMA HLC Envelope Oscillator with the EMA HLC Envelope
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