simple oscillator showing the difference between two moving averages
Info
The simple oscillator showing the difference between two moving averages is a Indicator for MetaTrader 5 that a simple oscillator. shows the difference between two exponential moving averages in the form of a colored histogram drawn in a separate window.
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 simple oscillator showing the difference between two moving averages
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
a simple oscillator.
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: long-term trend trix oscillator for metatrader 5 - another powerful indicator for MetaTrader 5 traders.
a simple oscillator. shows the difference between two exponential moving averages in the form of a colored histogram drawn in a separate window.
Also recommended: stochastic oscillator indicator for metatrader 5 - similar indicator with strong performance on MetaTrader 5.
there are three adjustable parameters:period ema
- periods of moving averages;
shift of the second ema
- shift for the second ema in bars (if 0, the value of 1 is used);
threshold
- the threshold value. if the histogram bar value is greater than the specified value, the bar is green (default). it the bar is less than the threshold, it is shown in red. if it is within +/- threshold, the bar is yellow.
fig.1 default values.
fig.2 threshold 50.
You may also like: channel and stochastic oscillator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_plots 1
#property indicator_label1 "ema angle"
#property indicator_type1 draw_color_histogram
#property indicator_color1 clrgreen,clrred,clryellow.......
⚠ 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.