FineTuningMACandle_Chl_Arr_StDev – indicator MetaTrader 5

Indicator FineTuningMACandle_Chl_Arr that additionally indicates the trend strength with colored dots, based on the standard deviation algorithm.

If the standard deviation of the FineTuningMACandle_Chl_Arr centerline is between the values of parameters dK1 and dK2, then a small colored dot appears on the moving average. Its color is relevant to the current trend direction.

input double dK1=1.5;  // Square-law filter coefficient 1
input double dK2=2.5;  // Square-law filter coefficient 2

If the standard deviation becomes higher than the value of input dK2, then the dot increases in size. Thus, we get three levels of trend strength indicated.

1. Weak — no dots;
2. Medium — small colored dots;
3. Strong — big colored dots.

The initial indicator candle color is passed by the signal line color.

The indicator uses the classes of library SmoothAlgorithms.mqh (to be copied to <terminal_data_directory>MQL5Include). The use of the classes was thoroughly described in article Averaging Price Series for Intermediate Calculations without Using Additional Buffers.

Fig1. Indicator FineTuningMACandle_Chl_Arr_StDev