Inverse Distance Weighted Moving Average (ID WMA)
Info
The Inverse Distance Weighted Moving Average (ID WMA) is a Indicator for MetaTrader 4 that this multi-timeframe capable moving average applies less weight to prices that are further from the average. It offers a smoother curve compared to SMA while closely tracking price movements similar to an EMA of the same length.
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 Inverse Distance Weighted Moving Average (ID WMA)
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
This multi-timeframe capable moving average applies less weight to prices that are further from the 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: inverse reaction indicator for mt4 - another powerful indicator for MetaTrader 4 traders.
This multi-timeframe capable moving average applies less weight to prices that are further from the average. It offers a smoother curve compared to SMA while closely tracking price movements similar to an EMA of the same length.Also recommended: ma distance from price indicator - similar indicator with strong performance on MetaTrader 4.
The ID WMA demonstrates some overshoot and initial lag, akin to SMA, but converges closer to the price than the corresponding EMA. This initial lag can be advantageous for implementing a trailing stop or when the market direction has reversed.
The indicator features four parameters, with the first three being consistent with the standard moving average parameters.
You may also like: Smoothed RSI Inverse Fisher Transform Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#define my_name "idwma"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 red // default moving average
extern int ma_period = 14; // default moving average
extern int ma_shift = 0; // default moving average
extern int ma_price = 0; // price_close=0, o1, h2, l3, m4, t5, w6
extern int ma_tf = 0; // chart.......
⚠ 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.