Modified Awesome Indicator
Info
The Modified Awesome Indicator is a Indicator for MetaTrader 5 that this indicator is a modification of the classical version. It computes the smoothed rate of change of two exponential moving averages.
Usage
This tool is typically used for enhancing chart analysis and decision making.
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 Modified Awesome Indicator
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 is a modification of the classical version.
Typical Use Case
This Indicator excels in automated trading and technical analysis 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: awesome oscillator (ao) - another powerful indicator for MetaTrader 5 traders.
This indicator is a modification of the classical version. It computes the smoothed rate of change of two exponential moving averages. More precisely, the indicator has 5 inputs: shortmean, mediummean, and longmean stand for three exponential averages (by default 18, 40, and 200, respectively). The last two inputs indicate the exponential average for the rate of change between the shortmean-mediummean and mediummean-longmean. In the following image, you can see this indicator in a hourly chart of USDJPY with inputs 5, 34, and 200 for the exponential means and 12 and 18 for the means of the rates of change. You can compare the indicator with the classical awesome indicator, which has inputs for the exponential averages of 5 and 34. Modified Awesome IndicatorAlso recommended: Modified Indicator with Multiple Smoothing Algorithms - similar indicator with strong performance on MetaTrader 5.
You may also like: Modified Optimum Elliptic Filter - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "2.00"
#property indicator_separate_window
#property indicator_buffers 9
#property indicator_plots 2
#property indicator_type1 draw_color_histogram
#property indicator_color1 clrblue,clrred
#property indicator_width1 1
#property indicator_label1 "fastao".......
⚠ 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.