This indicator is a modification of classical Awesome Oscillator indicator. It computes the smoothed difference of two exponential moving averages.
The indicator has 3 inputs: shortmean and longmean stand for the periods of two exponential moving averages (by default 30 and 60, respectively). The last input, meanAO, indicate the period of the smoothed moving average for the difference (in pips) between the shortmean-longmean EMA’s.
The code has essentially three buffers:
- ExtFastBuffer is the exponential moving average with period shortmean;
- ExtSlowBuffer is the exponential moving average with period longmean;
- ExtAOBuffer defined as
Finally, using the “include <MovingAverages.mqh>”, we compute the smoothed moving average of this last array (ExtAOBuffer) obtaning the indicator.
In the following image you can show this indicator in a daily chart of USDJPY with inputs 5 and 34 for the exponential means and 7 for the mean of the difference between them.
MT5 Indicator – Download Instructions
AwesomeModPips is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
AwesomeModPips 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 AwesomeModPips.mq5?
- Download AwesomeModPips.mq5
- Copy AwesomeModPips.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 AwesomeModPips.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator AwesomeModPips.mq5 is available on your Chart
How to remove AwesomeModPips.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: