If you're diving into the world of trading with MetaTrader 5, you might want to check out the 2pbIdealXOSMA indicator. This nifty tool combines the MACD histogram, utilizing the power of 2pbIdeal1MA and 2pbIdeal3MA indicators, and smooths it using one of ten popular averaging methods. Let’s break down how this works.
Different Smoothing Techniques
The 2pbIdealXOSMA indicator offers a variety of smoothing options:
- SMA - Simple Moving Average;
- EMA - Exponential Moving Average;
- SMMA - Smoothed Moving Average;
- LWMA - Linear Weighted Moving Average;
- JJMA - Adaptive Averaging JMA;
- JurX - Ultralinear Averaging;
- ParMA - Parabolic Averaging;
- T3 - Tillson's Multiple Exponential Smoothing;
- VIDYA - Smoothing using Tushar Chande's algorithm;
- AMA - Smoothing using Perry Kaufman's algorithm.
Understanding Phase Parameters
It's important to note that the Phase parameters for different smoothing algorithms can be quite distinct:
- For JMA, the Phase variable ranges from -100 to +100.
- In T3, it refers to a smoothing ratio multiplied by 100 for better visualization.
- For VIDYA, it’s based on the CMO oscillator period, while for AMA, it’s tied to a slow EMA period.
In most other algorithms, these parameters do not influence the smoothing process. For AMA, the fast EMA period is set to a default value of 2, and the raising ratio is also 2.
Dynamic Visuals
The color of the histogram and the signal line adjusts based on the current market conditions, helping you quickly gauge market trends.
Getting Started with the Indicator
To use this indicator effectively, you'll need to copy the SmoothAlgorithms.mqh library classes to your terminal_data_folder\MQL5\Include folder. For a deeper dive into these classes, check out the article "Averaging Price Series for Intermediate Calculations without Using Additional Buffers".
Fig.1 The 2pbIdealXOSMA indicator
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