This indicator can be considered as an alternative to the well known RSI, Stochastic and DMI, as far as their methods of calculation based on Buyers and Sellers strengths. Despite of the enumerated indicators, the calculation is performed in points, not in a percentage. It gives a possibility to appreciate finer-grained market strengths and avoid such sufficient disadvantages as slippage in the strong trend for Stochastic.
In the given version of the indicator there is a possibility to build levels of Strength (Strength Level) and Weakness (Weakness Level) using three ways:
- OverBought/OverSold levels (OverBought/OverSold),as in the RSI and Stochastic, regulated by StrengthLevel and Weakness Level parameters (for example, 70 and 30).
- The channel of the standard deviations regulated by LookBackPeriod parameters and coefficients for the upper (UpperMultiplier) and lower (LowerMultiplier) bound of the channel.
- High/Low Channel drawn on the principle of the price channel is regulated by the LookBackPeriod, StrengthLevel and Weakness Level parameters.
MT5 Indicator – Download Instructions
AbsoluteStrength is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
AbsoluteStrength provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install AbsoluteStrength.mq5?
- Download AbsoluteStrength.mq5
- Copy AbsoluteStrength.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on AbsoluteStrength.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator AbsoluteStrength.mq5 is available on your Chart
How to remove AbsoluteStrength.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: