Frequently, using a fixed size channel cause difficulties because of the changing market volatility. The offered indicator does not have such disadvantage and it changes the channel size depending on the average value of candlesticks. At the same time most of the functional common to the Moving Average indicator is saved. In fact, it is the Keltner channel on which instead of the usual simple averaging for the size of candlesticks is the possibility to use one of the ten versions of averaging:
- 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 using Tushar Chande’s algorithm;
- AMA – smoothing using 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 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. The ratio of raising to the power is also equal to 2 for AMA.
This indicator was first implemented in MQL4 and published in Code Base on 16.07.2009.
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
XMA Range Bands is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
XMA Range Bands 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 XMA Range Bands.mq5?
- Download XMA Range Bands.mq5
- Copy XMA Range Bands.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 XMA Range Bands.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator XMA Range Bands.mq5 is available on your Chart
How to remove XMA Range Bands.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: