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This oscillator is MQL5 version of ZeroLag MACD indicator, published in Russian section of MQL4 CodeBase.
This indicator provides a signal few bars earlier, compared with standard MACD and its divirgence is much more clear.
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Calculation:
ZeroLAG MACD(i) = (2*EMA(Close, FP, i) - EMA(EMA(Close, FP, i), FP, i)) - (2*EMA(Close, SP, i) - EMA(EMA(Close, SP, i), SP, i));
ZeroLAG MACD Signal(i) = 2*EMA( ZeroLAG MACD(i), SigP, i) - EMA(EMA( ZeroLAG MACD(i), SigP, i), SigP, i);
where:
- EMA - exponential moving average;
- Close - close price of the bar;
- FP - period of fast moving average;
- SP - period of slow moving average;
- SigP - period of signal moving average.
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