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Published:

2013.02.14 05:31

Updated:

2016.05.16 10:53

absolutestrengthmarket_v1.mq5 (19.27 KB) view

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Description:

This indicator with a sufficient accuracy allows defining 6 market states, exactly:

Bull market (Bull Market).
Bear market (Bear Market).
Correction (Correction) in a bull market.
Correction in a bear market (Bear Market Rally).
Choppy market (Choppy Market).
Flat market (Sideways Market).

As in AbsoluteStrength to define the market forces 3 methods of calculation are used: RSI, Stochastic and DMI. Using Length, PreSmooth, Smooth, Signal and MA_Mode parameters you can achieve the desired accuracy of calculation. Keep in mind that a period of a signal line (Signal) starts from 1, in this case Bulls and Bears values on the previous bar are used.

The indicator also applies a set algorithm for calculation used on high timeframes. It allows putting several indicators in one subwindow for different timeframes as it has been displayed in the image.

If parameter AlertMode=1, then a monitor will display messages informing about changing market conditions.

Image:

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/1519

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AbsoluteStrengthMarket - indicator for MetaTrader 5

Description:

Image: