Mean Deviation Index Blau MD I
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Mean Deviation Index Blau MD I
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.
Description & Settings
The Ergodic MDI (Mean Deviation Index, MDI) is the double-smoothed Mean Deviation Index (see ).
The mean deviation is defined as a distance between close price and exponentially smoothed moving average, applied to close price.
The smoothing leads to a lag, it can be seen at price reversal points. The value of mean deviation shows the distance between price and r-period moving average, applied to price.
The sign of the mean deviation shows price position relative to r-period moving average, applied to price: it positive if price below the moving average and negative if price is lower than moving average.How to use:
WilliamBlau.mqh must be placed in
terminal_data_folder
\MQL5\Include\
Blau_MDI.mq5 must be placed in
terminal_data_folder
\MQL5\Indicators\
Mean Deviation Index by William Blau
Calculation:
The mean deviation is calculated by formula:
where:
price - close price;
EMA(price,r) - market trend, determined by exponentially smoothed moving average with period r, applied to price.
Mean Deviation Index is calculated by formula:
where:
price - close price;
EMA(price,r) - market direction - 1st EMA smoothing of period r, applied to price;
md(price,r)=price-EMA(price,r) - mean deviation;
EMA(md(price,r),s) - 2nd smoothing - exponentially smoothed moving average of period s, applied to mean deviation;
EMA(EMA(md(price,r),s),u) - 3rd smoothing - exponentially smoothed moving average of period u, applied to result of the 1st smoothing;
Input parameters:
r - period of the 1st EMA, applied to price (by default r=20);
s - period of the 2nd EMA, applied to mean deviation (by default s=5);
u - period of the 3rd EMA, applied to result of the smoothing (by default u=3);
AppliedPrice - (by default AppliedPrice=PRICE_CLOSE).
Note:
r>1;
s>0, u>0. If r, s or u =1, smoothing is not used;
Min. rates=(r+s+u-3+1).
