This indicator for MT4 provides a new measure for analyzing indicator values such as moving averages, MACD or Stochastic. By using "IndicatorStrength", you may find new ways to use moving averages that were not known before.
This indicator depicts moving averages, MACDs, and Stochastics in a unique way (see below). You can set which of the three is selected with a parameter.
For example, in the above image, the difference between the short-term and long-term moving averages is displayed. In other words, if the value of “IndicatorStrength” is zero, it can be considered that the short-term / long-term moving average has crossed over.
In the image example below, MACD is selected. Normal MACD was also displayed at the bottom. If there is a crossover on the normal MACD, you should see that the “IndicatorStrength” value is zero (check the boxed area).
Tips for using:
1. As mentioned in the introduction used to determine the crossover, when this indicator is zero, there is a crossover in the indicator selected by the parameter. For this reason, one method of use is to confirm a crossover.
2. If the “IndicatorStrength” value used to analyze the divergence of indicators is unusually high, it may be overbought or oversold. For this reason, this indicator can also be used for reversal trading in this sense.
Download "IndicatorStrength" for Metatrader 4 from the button below
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