Another 2 new indicators for Metatrader 5:
1. Bma Indicator ( author - Andrei, see original post here)
BMA (Bands Moving Average) is a modified moving average indicator that comes with Metatrader 5, with 2 more bands added to it. One band is below the main line by 2% and the other — above by 2%. This indicator can be used as the pull-back detector: when the price breaks through the upper band on the long-term bearish trend — it’s a signal to sell and when the price break through the lower band on the long-term bullish trend — it’s a signal to buy. So the BMA indicator can be helpful in identifying overbought or oversold conditions on the market, however, it's probably best to make decisions on whether to buy or sell using moving average bands in conjunction with other technical analysis indicators rather than on their own. I personally wouldn't use it as a signal indicator. Remember, moving averages are a "lagging" indicator. The longer the MA's length, the longer it takes for that moving average to react to severe price swings, such as gaps. Thats why it often works better on smaller timeframes like H1 and below, so using it as a scalping method is a good idea.
As you can see in the picture above, you can change some properties of this indicator like the MA period and the % of shift, in our case it is 2%, but you can off course experiment with other settings.
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2. Double smoothed stochastic indicator (author - mladen, originally posted here)
This is a modification of the standard stochastic oscillator. As you know, stochastic identifies overbought and oversold conditions on the market, helping to buy low or sell high. It also helps to avoid buying at high prices or shorting at low prices. However, it does not work well on trends! So it should be only used as part of the trading strategy not as signal indicator. Better use MACD for signals. ( This is only my personal opinion based on my trading experience ;) ).
You can change the stochastic period, smoothing period and overbought/oversold levels.
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3 comments
Could someone make GannHilo Activator for MT5?
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