BWImp-T01_StDev - indicator for MetaTrader 5

The BWImp-T01 indicator with additional trend strength indication using colored dots based on the standard deviation algorithm.

If the standard deviation of the BWImp-T01 indicator is between the dK1 and dK2 parameter values, then a small colored dot appears on the moving average. Its color corresponds to the current trend direction.

input double dK1=1.5;  // Square-law filter coefficient 1
input double dK2=2.5;  // Square-law filter coefficient 2

If the standard deviation becomes higher than the dK2 input parameter value, then the dot size increases. Thus, we get 3 levels of trend strength indication:

1. Weak — no dots;
2. Medium — small colored dots;
3. Strong — big colored dots.

Fig.1. The BWImp-T01_StDev indicator