MQL5 community - AbsoluteStrength indicator

via mql5.com

This indicator can be considered as an alternative to the well known RSI, Stochastic and DMI, as far as their methods of calculation based on Buyers and Sellers strenghts. Despite of the enumerated indicators, the calculation is performed in points, not in a percentage. It gives a possibility to appreciate finer-grained market forces and avoid such sufficient disadvantages as stuck-at fault in the strong trend for Stochastic.
In the given version of the indicator there is a possibility to build levels of Strenght (Strength Level) and Weakness(Weakness Level) using three ways:
1. OverBought/OverSold levels (OverBought/OverSold),as in the RSI and Stochastic, regulated by StrengthLevel and Weakness Level parameters (for example, 70 and 30).
2. The channel of the standard deviations regulated by LookBackPeriod parameters and coefficients for the upper (UpperMultiplier) and lower (LowerMultiplier) bound of the channel.
3. High/Low Channel drawn on the principle of the price channel is regulated by the LookBackPeriod, StrengthLevel and Weakness Level parameters.
Link to download: http://www.mql5.com/en/code/1500

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