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EVWMA
Info
The EVWMA is a Indicator for MetaTrader 4 that 1. The EVWMA (Exponentially Weighted Moving Average) is a unique moving average that differs from traditional moving averages by incorporating volume into its calculation.
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 EVWMA
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
1.
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: Hotkey Timeframe and Chart Control - another powerful indicator for MetaTrader 4 traders.
1. The EVWMA (Exponentially Weighted Moving Average) is a unique moving average that differs from traditional moving averages by incorporating volume into its calculation.Also recommended: Divergence Detection Indicator for MT4/MT5 - similar indicator with strong performance on MetaTrader 4.
2. Instead of using a fixed averaging period, the EVWMA dynamically adjusts its period based on volume, giving more weight to periods with higher volume.
3. This approach provides a more responsive and adaptive indicator, making it a valuable tool for traders who want to consider volume in their analysis.
4. The EVWMA can be derived as an approximation to statistical estimation, ensuring a robust mathematical foundation.
You may also like: Bounce Strength Indicator 2.0 with Tango Line - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 deeppink
extern int volumedivisor=1;
extern int n=100;
double scaledvol=0,voldiff=0;
double x[100],y[100];
bool violation=false;.......
⚠ 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.