RobotFX curates the best open-source MetaTrader code to inspire your trading automation.
The idea of this indicator has been proposed by Bill Williams in his book "New Trading Dimensions: How to Profit from Chaos in Stocks, Bonds and Commodities".
It shows the "fourth dimension" of the market - it paints the bar charts with different colors (green, grey and red) depending on the current market momentum (1st derivative) and price acceleration (2nd derivative), which calculated by Awesome Oscillator (AO) и Accelerator Oscillator (AC).
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BW-ZoneTrade indicator
Calculation:
- if АС and АО are green, it means the green zone;
- if АС and АО are red, it means the red zone;
- if АС and АО have different colors, it means the grey zone.
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