The Modified DPO (Detrended Price Oscillator) is a handy tool for traders using MetaTrader 4. This versatile indicator allows you to control all parameters of the Moving Average (MA) including the MA period, MA mode, and the applied price. By tweaking these settings, you can transform the MA curve into a horizontal line, making it easier to spot key support and resistance levels.
To understand how this indicator works, let’s break down the calculation:
DPO = close - MA (mode, price, DPO_period)
Where:
- DPO: The value of the DPO indicator
- close: The closing price of the bar
- mode: The method used to calculate the MA (options include SMA, EMA, SMMA, LWMA)
- price: The price type applied to calculate the MA
- DPO_period: The period used for MA calculation
If you’re looking for the MT5 version, you can find it here.
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