In this MACD histogram as a fast Moving Average the RVI technical indicator is used, and as a slow indicator the True RVI custom indicator is used.
The averaging algorithm of the signal line can be changed. There are ten possible variants:
- SMA – simple Moving Average;
- EMA – exponential Moving Average;
- SMMA – smoothed Moving Average;
- LWMA – linear weighed Moving Average;
- JJMA – adaptive averaging JMA;
- JurX – ultralinear averaging;
- ParMA – parabolic averaging;
- T3 – Tillson’s multiple exponential smoothing;
- VIDYA – smoothing with the use of Tushar Chande’s algorithm;
- AMA – smoothing with the use of Perry Kaufman’s algorithm.
It should be noted that Phase parameters for different smoothing algorithms have a completely different meaning. For JMA it is an external Phase variable changing from -100 to +100. For T3 it is a smoothing ratio multiplied by 100 for better visualization, for the VIDYA it is a CMO oscillator period and for the AMA it is a slow EMA period. In other algorithms these parameters do not affect smoothing. For AMA fast EMA period is a fixed value and is equal to 2 by default. For AMA the ratio of raising to the power is also equal to 2.
The color of the histogram and its signal line change depending on active market trends.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging price series for intermediate calculations without using additional buffers”.
MT5 Indicator – Download Instructions
Color RMACD is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Color RMACD 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 Color RMACD.mq5?
- Download Color RMACD.mq5
- Copy Color RMACD.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 Color RMACD.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Color RMACD.mq5 is available on your Chart
How to remove Color RMACD.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: