Excellent, thank you very much!mrtools wrote: ↑Mon Feb 11, 2019 4:43 amThis is a mt4 version of an indicator called M-oscillator mt5 coded by Mladen and explained by him:::::
The idea for this indicator is coming from someone using name "NGBaltic". The indicator here is coded as the idea is without usage of levels (that shall be explained in another publication). All in all, the indicator is not bad, and here we have 3 options for color changes :
. color changes on slope change
. color changes on signal line cross
. color changes on zero line cross
You can use color changes as signals
And additional information::
This is a part from the original article describing its usage :
The Use of M-Oscillator
• M-Oscillator is plotted along the bottom of the price chart; it fluctuates between positive and negative 14.
• Movement above 10 is considered overbought, and movement below -10 is oversold.
• In sharp moves to the upside, the M-Oscillator fluctuates between 5 and 14, while in down side it fluctuates between -5 and -14.
• In an uptrend, the M-Oscillator fluctuates between zero and 14 and vice versa.
As it is seen, the +14 to -14 range interpretation exists already in the original article. I must repeat that that range exists only if period 14 is used, and that if any period other than 14 is used, that range changes.
Its divergence with price draws my attention........