Color RMACD Histogram with Trend Indication
Info
The Color RMACD Histogram with Trend Indication is a Indicator for MetaTrader 5 that this indicator features a macd histogram using a fast moving average and a custom indicator as a slow moving average. The averaging algorithm for the signal line can be selected from ten variants:- Simple Moving Average- Exponential Moving Average- Smoothed Moving Average- Linear Weighted Moving Average- Adaptive Averaging JMA- Ultralinear Averaging- Parabolic Averaging- Tillson's Multiple Exponential Smoothing- Smoothing using Tushar Chande's algorithm- Smoothing using Perry Kaufman's algorithmIt is important to note that the phase parameters for different smoothing algorithms have distinct meanings.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Color RMACD Histogram with Trend Indication
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 indicator features a MACD histogram using a fast moving average and a custom indicator as a slow moving average.
Typical Use Case
This Indicator excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: macd histogram indicator (multi-color) - another powerful indicator for MetaTrader 5 traders.
This indicator features a MACD histogram using a fast moving average and a custom indicator as a slow moving average.Also recommended: macd multi-color histogram with signal line - similar indicator with strong performance on MetaTrader 5.
The averaging algorithm for the signal line can be selected from ten variants:
- Simple Moving Average
- Exponential Moving Average
- Smoothed Moving Average
- Linear Weighted Moving Average
- Adaptive Averaging JMA
- Ultralinear Averaging
- Parabolic Averaging
- Tillson's Multiple Exponential Smoothing
- Smoothing using Tushar Chande's algorithm
- Smoothing using Perry Kaufman's algorithm
It is important to note that the phase parameters for different smoothing algorithms have distinct meanings. For JMA, it is an external phase variable ranging from -100 to +100. For T3, it is a smoothing ratio multiplied by 100 for improved visualization. For VIDYA, it represents the CMO oscillator period, and for AMA, it is the slow EMA period. For other algorithms, these parameters do not influence smoothing. For AMA, the fast EMA period is a fixed value, defaulting to 2, and the exponentiation ratio is also set to 2.
The color of the histogram and its signal line dynamically adjust based on active market trends.
This indicator utilizes classes from the smoothalgorithms.mqh library. Ensure these classes are copied to the terminal_data_folder\mql5\include directory.
Figure 1: The RMACD Histogram
You may also like: color parabolic 2 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_plots 2
#property indicator_type1 draw_color_histogram
#property indicator_color1 gray,teal,blueviolet,indianred,magenta
#property indicator_style1 style_solid
#property indicator_width1 2.......
⚠ 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.