This indicator is based on values of the several signal lines of SpearmanRankCorrelation indicator. The signal lines calculation algorithm looks as follows. The input parameters contain
- rangeN – averaging period;
The set of the signal lines is calculated using the arithmetic progression formula:
SignalPeriod(Number) = StartLength + Number * Step
The value Number variable vary from 0 to StepsTotal. The resulting periods added to the arrays and used in calculation of the averaged values of SpearmanRankCorrelation indicator. The calculation of current trend direction is based on the averaged trend values for all signal lines.
Finally, the positive and negative values of the trends are averaged and used as indicator lines, shown as a color histogram, plotted using the DRAW_COLOR_HISTOGRAM2 drawing style. Historgram color depends on trend direction, the histogram width depends on strength of the trend.
For indicator values outside the overbought and oversold levels the dark colors are used. For the overbought/oversold values the light colors are used.
//+----------------------------------------------+ //| Indicator input parameters | //+----------------------------------------------+ input int rangeN=14; //---- input Smooth_Method W_Method=MODE_JJMA; // Smooth method input int StartLength=3; // Start length input int WPhase=100; // Phase //---- input uint Step=5; // Period step input uint StepsTotal=10; // Steps total //---- input Smooth_Method SmoothMethod=MODE_JJMA; // Smooth method input int SmoothLength=3; // Smooth length input int SmoothPhase=100; // Smooth phase //---- input uint UpLevel=80; // Overbought level (in %) input uint DnLevel=20; // Oversold level (in %) input color UpLevelsColor=Blue; // Overbought level color input color DnLevelsColor=Blue; // Oversold level color input STYLE Levelstyle=DASH_; // Level style input WIDTH LevelsWidth=Width_1; // Level width
The indicator has a possibility to select the smoothing out of the dozen of possible versions:
- SMA – simple moving average;
- EMA – exponential moving average;
- SMMA – smoothed moving average;
- LWMA – linear weighted moving average;
- JJMA – JMA adaptive average;
- JurX – ultralinear smoothing;
- ParMA – parabolic smoothing;
- 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 Phase1 and Phase2 parameters have completely different meaning for different smoothing algorithms. 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 VIDYA it is a CMO oscillator period and for 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. The ratio of raising to the power is also equal to 2 for AMA.
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”.
The indicator uses SpearmanRankCorrelation.mq5 indicator, it must be placed to terminal_data_folder\MQL5\Include.
MT5 Indicator – Download Instructions
Ultra Spearman Rank Correlation is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Ultra Spearman Rank Correlation 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 Ultra Spearman Rank Correlation.mq5?
- Download Ultra Spearman Rank Correlation.mq5
- Copy Ultra Spearman Rank Correlation.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 Ultra Spearman Rank Correlation.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Ultra Spearman Rank Correlation.mq5 is available on your Chart
How to remove Ultra Spearman Rank Correlation.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: