The oscillator indicator draws a histogram (with border levels at two moving averages on the indicator histogram) showing three market states: a trend, a moderate or fading trend and a flat.
If the histogram bar (blue) is above the upper level (blue line), then there is a strong movement in the market;
If the histogram bar (red) is between the upper and lower levels (between the blue and red lines), then there is either a moderate or fading trend;
If the histogram bar (gray) is below the lower level (below the red line), then the market movement is weak and flat.
The indicator has three input parameters:
Period – calculation period;
Method – smoothing method;
Deviation – deviation for the calculation of threshold levels.
Range weighted EMA - indicator MetaTrader 5 Theory: Range weighted exponential moving average (EMA) is, unlike the "regular" range weighted average (originally published here : Range Weighted…
