Forex Awesome Mod Pips Indicator Indicator:
This indicator is a modification of classical Awesome Oscillator indicator. It computes the smoothed difference of two exponential moving averages.
The indicator has 3 inputs: shortmean and longmean stand for the periods of two exponential moving averages (by default 30 and 60, respectively). The last input, meanAO, indicate the period of the smoothed moving average for the difference (in pips) between the shortmean-longmean EMA’s.
The code has essentially three buffers:
- ExtFastBuffer is the exponential moving average with period shortmean;
- ExtSlowBuffer is the exponential moving average with period longmean;
- ExtAOBuffer defined as
Finally, using the “include <MovingAverages.mqh>”, we compute the smoothed moving average of this last array (ExtAOBuffer) obtaning the indicator.
In the following image you can show this indicator in a daily chart of USDJPY with inputs 5 and 34 for the exponential means and 7 for the mean of the difference between them.
Copy and paste the file into the MQL5 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)