MA Speedometer MT5 is a custom indicator for MetaTrader 5 that calculates the tilt angle of a moving average (MA) and identifies buying and selling areas based on this angle. This indicator provides a non-standard approach to analyzing the moving average indicator.
The indicator is initialized in the OnInit function. The indicator buffers are mapped and the style of the indicator line is set. In this case, a line is drawn to represent the tilt angle. The indicator label is also set to 'MA Speedometer'.
The indicator calculation is done in the OnCalculate function. Before calculating the MA Speedometer, the function checks if there are enough bars available (in this case, at least 15 bars). If there are not enough bars, the function returns.
For each bar, the function calculates the moving average for a period of 15 bars (ma15) and the moving average of the last closed bar (maLastClosed).
The tilt angle is then calculated using the formula (maLastClosed - ma15) / 15. The MathArctan function is used to calculate the arctangent of the angle, which is then converted to degrees by multiplying with (180 / MathPi).
The calculated angle is stored in the indicator buffer (ExtLineBuffer) for each bar.
The function also checks if the angle indicates a buying area (angle > 30) or a selling area (angle < -30). If the angle exceeds a certain threshold, it also identifies strong purchases (angle > 60) or strong sales (angle < -60).
MA Speedometer MT5 is a custom indicator that provides a unique approach to analyzing the moving average indicator. By calculating the tilt angle of a moving average, it helps identify buying and selling areas in the market.
This indicator can be used to complement other trading strategies and indicators. Traders can use the MA Speedometer to identify potential entry and exit points based on the angle of the moving average. It can be particularly useful in trending markets where the angle of the moving average can provide insights into the strength and direction of the trend.
Please note that Forex Robot Easy is not the official developer of this product. We only provide sample code that demonstrates how the indicator works. To find the official developer of this product, please refer to the MQL5 website.
For detailed reviews and trading results of this product, please visit Forex Robot Easy's MA Speedometer MT5 Review.