3rd generation moving average
Info
The 3rd generation moving average is a Indicator for MetaTrader 4 that input parameters: ma_period (default = 50) — period of the resulting 3rd generation moving average. ma_method (default = 1) — moving average method (0 — sma, 1 — ema, 2 — smma, 3 — lwma).
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use 3rd generation moving average
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
input parameters: ma_period (default = 50) — period of the resulting 3rd generation moving average.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Zero Lag Moving Average - another powerful indicator for MetaTrader 4 traders.
input parameters:
ma_period (default = 50) — period of the resulting 3rd generation moving average.
Also recommended: dynamic moving average - similar indicator with strong performance on MetaTrader 4.
ma_method (default = 1) — moving average method (0 — sma, 1 — ema, 2 — smma, 3 — lwma).
ma_applied_price (default = 5) — price type to calculate the moving average (0 — price_close, 1 — price_open, 2 — price_high, 3 — price_low, 4 — price_median, 5 — price_typical, 6 — price_weighted).
as you see, the 3rd generation moving average (red line) offers slightly less lag than the conventional ema (blue line) and reacts to the price changes faster. unfortunately, it still has some delay and can give false signals. this indicator can be used just like a standard moving average - to determine the direction of the current trend.
You may also like: moving average of oscillator (osma) - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
/*
3rd generation ma based on research paper by dr. mafred durschner:
http://www.vtad.de/node/1441 (in german)
offers least possible lag but still provides price smoothing
*/
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 red .......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.