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Creating an Indicator with Multiple Indicator Buffers for Newbies

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  • Creating an Indicator with Multiple Indicator Buffers for Newbies

    Introduction

    In my previous articles "Custom Indicators in MQL5 for Newbies" and "Practical Implementation of Digital Filers in MQL5 for Beginners" I focused in details on structure of the indicator with one indicator buffer.


    Obviously, such a method can be widely applied for writing custom indicators, but the real life can hardly be limited to their use, and thus it is time to approach more complex methods of building the indicator code. Fortunately, the capabilities of MQL5 are truly inexhaustible and are limited only by the RAM of our PCs.
    The Aroon Indicator as example of code doubling

    The formula of this indicator contains two components: the bullish and the bearish indicators, which are plotted in a separate chart window:

    BULLS = (1 - (bar - SHIFT(MAX(HIGH(), AroonPeriod)))/AroonPeriod) * 100
    BEARS = (1 - (bar - SHIFT(MIN (LOW (), AroonPeriod)))/AroonPeriod) * 100

    where:
    • BULLS - the Bull's strength;
    • BEARS - the Bear's strength;
    • SHIFT() - function of determining the index position of the bar;
    • MAX() - function of searching for the maximum over the AroonPeriod period;
    • MIN() - function of searching for the minimum over the AroonPeriod period;
    • HIGH() and LOW() - the relevant price arrays;

    Right from the formulas of the indicator, we can conclude that to construct an indicator, we must have only two indicator buffers, the indicator structure will differ very little from the structure of the SMA_1.mq5, considered in the previous article.

    Read more - Creating an Indicator with Multiple Indicator Buffers for Newbies

  • #2
    How does this work. What does it tell me? when constructing the indicator how can i make it so its not a lagging indicator. is that determined by my datafeed? inquiring minds want to know

    Comment


    • #3
      The developing indicator completely depend what it should visualize and how it should be calculated. Based on that indicator could be lagging or not. Anyway, it does not depend on the datafeed.

      Comment

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