The BB_OsMA indicator is a custom technical analysis tool designed to combine the momentum-tracking capabilities of an "Oscillator" with the volatility boundaries of a "Bollinger Band." Instead of displaying on the main price chart, it appears in a separate sub-window, providing a visual representation of market trend strength and price extremes.
Core Logic and Components
The script functions by processing price data through three distinct layers of calculation:
1. Momentum Foundation (OsMA Calculation) The indicator begins by calculating the difference between two Moving Averages—a fast one and a slow one. This creates a momentum base. It then subtracts a "Signal" line (a secondary moving average of that momentum) to smooth out noise. The result is a modified version of the On Balance Volume Oscillator logic, which helps identify the speed and direction of price movement.
2. Volatility Boundaries (The Bollinger Band Influence) Once the momentum data is established, the script applies statistical analysis to it. It calculates:
- An Average: A smoothed mean of the momentum values.
- Standard Deviation: A measure of how much the momentum typically fluctuates.
- Upper and Lower Bands: These are drawn as solid lines above and below the average based on a "Standard Deviation" multiplier. These bands act as dynamic boundaries, highlighting when the current momentum is moving into extreme territories (overbought or oversold conditions).
3. Trend Directional Arrows One of the unique features of this script is its ability to identify immediate trend changes. The logic compares the current value of the momentum buffer against its previous value:
- If the momentum is currently rising compared to the previous point, it flags a specific status.
- If the momentum is falling, it triggers another. These are represented visually on your chart as Arrows, providing quick visual cues for trend shifts without requiring you to manually interpret the lines.
Summary of Visual Output
When you view this indicator on your platform, you will see:
- Dynamic Bands: Lines that expand and contract based on market volatility.
- Trend Markers: Specific symbols (Arrows) that appear when the momentum begins to flip in a new direction.
- Sub-Window Placement: By keeping these calculations in a separate window, the tool allows you to monitor "market energy" independently of the price candles.
Indicators Used
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bb_osma
//+------------------------------------------------------------------+
//| BB_OsMA.mq4 |
//| Copyright 2014, MetaQuotes Software Corp. |
//| http://www.mql5.com |
//+------------------------------------------------------------------+
#property copyright "Copyright 2014, Roy Philips Jacobs ~ 2014/12/13"
#property link "http://www.mql5.com"
#property link "http://www.gol2you.com ~ Forex Videos"
#property version "1.00"
#property strict
//--
#property description "BB_OsMA indicator is the Forex indicators for MT4."
#property description "BB_OsMA indicator is the OsMA indicator in the form of spheroid,"
#property description "with a deviation as the upper and lower bands."
/*
Update 01: 26/01/2016 ~ Correction bugs.
*/
//--
#include <MovingAverages.mqh>
//--
#property indicator_separate_window
#property indicator_buffers 8
#property indicator_color1 clrNONE
#property indicator_color2 clrNONE
#property indicator_color3 clrNONE
#property indicator_color4 clrWhite
#property indicator_color5 clrRed
#property indicator_color6 clrBlue
#property indicator_color7 clrYellow
#property indicator_color8 clrNONE
//--
#property indicator_width4 1
#property indicator_width5 1
#property indicator_width6 1
#property indicator_width7 1
//--
//--
extern string BB_OsMA="Copyright © 2014 By 3RJ ~ Roy Philips-Jacobs";
extern int OsMAFastEMA=26; // Fast EMA Period
extern int OsMASlowEMA=130; // Slow EMA Period
extern int OsMASignalEMA=13; // Signal SMA Period
extern double StdDev=2.0; // Standard Deviation
//--- buffers
double OsMABuffer[];
double exOsMAMacd[];
double exOsMASign[];
double OsMABuffUp[];
double OsMABuffDn[];
double OsMAUpBand[];
double OsMALoBand[];
double OsMAAvg[];
double OsMADev;
//--
int OsAvgPeriod=20;
int OsDevPeriod=20;
//--
string symbol;
string CopyRight;
//--
void EventSetTimer();
//----
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
//--- indicator property
symbol=_Symbol;
CopyRight="Copyright © 2014 By 3RJ ~ Roy Philips-Jacobs";
//--- indicator buffers mapping
IndicatorBuffers(8);
//--
SetIndexBuffer(0,OsMABuffer);
SetIndexBuffer(1,exOsMAMacd);
SetIndexBuffer(2,exOsMASign);
SetIndexBuffer(3,OsMABuffUp);
SetIndexBuffer(4,OsMABuffDn);
SetIndexBuffer(5,OsMAUpBand);
SetIndexBuffer(6,OsMALoBand);
SetIndexBuffer(7,OsMAAvg);
//--- indicator line drawing
SetIndexStyle(0,DRAW_NONE);
SetIndexStyle(1,DRAW_NONE);
SetIndexStyle(2,DRAW_NONE);
//--
SetIndexStyle(3,DRAW_ARROW);
SetIndexArrow(3,108);
SetIndexStyle(4,DRAW_ARROW);
SetIndexArrow(4,108);
SetIndexStyle(5,DRAW_LINE,STYLE_SOLID,EMPTY);
SetIndexStyle(6,DRAW_LINE,STYLE_SOLID,EMPTY);
//-
SetIndexStyle(7,DRAW_NONE);
//--
SetIndexDrawBegin(3,OsAvgPeriod);
SetIndexDrawBegin(4,OsAvgPeriod);
SetIndexDrawBegin(5,OsAvgPeriod);
SetIndexDrawBegin(6,OsAvgPeriod);
//--- name for DataWindow and indicator subwindow label
SetIndexLabel(0,NULL);
SetIndexLabel(1,NULL);
SetIndexLabel(2,NULL);
SetIndexLabel(3,"OsMAUps");
SetIndexLabel(4,"OsMADown");
SetIndexLabel(5,"UpperBand");
SetIndexLabel(6,"LowerBand");
SetIndexLabel(7,NULL);
//--
IndicatorShortName("BB_OsMA("+string(OsMAFastEMA)+","+string(OsMASlowEMA)+","+string(OsMASignalEMA)+")");
IndicatorDigits(Digits);
//--
//--- initialization done
return(INIT_SUCCEEDED);
}
//---
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
void OnDeinit(const int reason)
{
//----
EventKillTimer();
GlobalVariablesDeleteAll();
//---
ObjectsDeleteAll(ChartFirst());
//--
//----
return;
}
//----
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
//---
if(BB_OsMA!=CopyRight) return(0);
//---
int x,BarCnt;
//---
if(rates_total<=OsMASignalEMA) return(0);
//--- last counted bar will be recounted
if(prev_calculated==0)
BarCnt=0;
else BarCnt=prev_calculated-1;
//--
ArrayResize(OsMABuffer,BarCnt);
ArrayResize(exOsMAMacd,BarCnt);
ArrayResize(exOsMASign,BarCnt);
//-
ArraySetAsSeries(OsMABuffer,true);
ArraySetAsSeries(exOsMAMacd,true);
ArraySetAsSeries(exOsMASign,true);
//--
//--- macd counted in the 1-st buffer
for(x=rates_total-1; x>=BarCnt; x--)
{exOsMAMacd[x]=iMA(symbol,0,OsMAFastEMA,0,1,6,x)-iMA(symbol,0,OsMASlowEMA,0,1,6,x);}
//--
//--- signal line counted in the 2-nd buffer
ExponentialMAOnBuffer(rates_total,prev_calculated,0,OsMASignalEMA,exOsMAMacd,exOsMASign);
//---
//--- main loop
for(x=rates_total-1; x>=BarCnt; x--)
{OsMABuffer[x]=(exOsMAMacd[x]-exOsMASign[x])*(OsMASlowEMA/OsMAFastEMA);}
//--
//----
for(x=rates_total-2; x>=BarCnt; x--)
{
OsMAAvg[x]=iMAOnArray(OsMABuffer,0,OsAvgPeriod,0,0,x);
OsMADev=iStdDevOnArray(OsMABuffer,0,OsAvgPeriod,0,0,x);
OsMAUpBand[x]=OsMAAvg[x]+(StdDev*OsMADev);
OsMALoBand[x]=OsMAAvg[x]-(StdDev*OsMADev);
OsMABuffUp[x]=OsMABuffer[x]; // OsMA Uptrend
OsMABuffDn[x]=OsMABuffer[x]; // OPsMA Downtrend
//----
if(OsMABuffer[x]>OsMABuffer[x+1])
OsMABuffDn[x]=EMPTY_VALUE;
//----
if(OsMABuffer[x]<OsMABuffer[x+1])
OsMABuffUp[x]=EMPTY_VALUE;
}
//---- done
//--- return value of prev_calculated for next call
return(rates_total);
}
//+------------------------------------------------------------------+
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