TrendEQ_v1

ÿþ//+------------------------------------------------------------------+

//|                                     TrendEquilibriumIndicator.mq5|

//|                                                                  |

//|                   Copyright 2025, Simon Draxler                  |

//|                           drxtrading.com                         |

//+------------------------------------------------------------------+



#property copyright "Copyright 2025, Simon Draxler"

#property link      "drxtrading.com"

#property version   "2.00"

#property indicator_separate_window

#property indicator_buffers 3

#property indicator_plots   3



// Indicator properties

#property indicator_label1  "TrendEquilibriumIndicator"

#property indicator_type1   DRAW_LINE

#property indicator_color1  clrBlue

#property indicator_style1  STYLE_SOLID

#property indicator_width1  2



#property indicator_label2  "Overbought"

#property indicator_type2   DRAW_LINE

#property indicator_color2  clrRed

#property indicator_style2  STYLE_DOT

#property indicator_width2  1



#property indicator_label3  "Oversold"

#property indicator_type3   DRAW_LINE

#property indicator_color3  clrGreen

#property indicator_style3  STYLE_DOT

#property indicator_width3  1



// Input parameters

input int    momentum_period  = 14;       // Number of candles to calculate momentum

input int    volatility_period = 14;      // Number of candles to calculate volatility

input double scaling_factor    = 100000;  // Adjusts the indicator's readability

input double overbought_level  = 100.0;   // Threshold above which market is overbought

input double oversold_level    = -100.0;  // Threshold below which market is oversold



// Buffers for indicator values

double trendEQ_buffer[];         // Stores calculated TrendEQ values

double overbought_buffer[];      // Stores overbought level

double oversold_buffer[];        // Stores oversold level



//+------------------------------------------------------------------+

//| Custom indicator initialization function                         |

//+------------------------------------------------------------------+

int OnInit()

  {

// Assign buffers to indicator plots

   SetIndexBuffer(0, trendEQ_buffer, INDICATOR_DATA); // Main TrendEQ line

   SetIndexBuffer(1, overbought_buffer, INDICATOR_DATA); // Overbought level

   SetIndexBuffer(2, oversold_buffer, INDICATOR_DATA); // Oversold level

// Set short name for the indicator

   string shortName = "TrendEQ(" + IntegerToString(momentum_period) + "," + IntegerToString(volatility_period) + ")";

   IndicatorSetString(INDICATOR_SHORTNAME, shortName);

// Configure the number of decimal places to display

   IndicatorSetInteger(INDICATOR_DIGITS, _Digits);

   return(INIT_SUCCEEDED);

  }



//+------------------------------------------------------------------+

//| 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[])

  {

// Ensure that there are enough data points for calculation

   int required_bars = MathMax(momentum_period, volatility_period) + 1;

   if(rates_total < required_bars)

      return(0);

// Determine the starting index for calculation

   int start = prev_calculated > 0 ? prev_calculated - 1 : required_bars;

// Loop through the available data

   for(int i = start; i < rates_total; i++)

     {

      // Skip calculation if not enough data for momentum

      if(i < momentum_period)

        {

         trendEQ_buffer[i] = 0.0; // Default value

         overbought_buffer[i] = overbought_level; // Set overbought level

         oversold_buffer[i] = oversold_level; // Set oversold level

         continue;

        }

      // Calculate momentum: Difference between the current close and close 'momentum_period' bars ago

      double momentum = close[i] - close[i - momentum_period];

      // Calculate volatility: Moving average of close prices over 'volatility_period'

      double volatility = 0.0;

      for(int j = i - volatility_period + 1; j <= i; j++)

        {

         volatility += close[j];

        }

      volatility /= volatility_period;

      // Avoid division by zero

      if(volatility > 0)

        {

         // Calculate and scale the TEI value

         trendEQ_buffer[i] = (momentum / (volatility * MathSqrt(momentum_period))) * scaling_factor;

        }

      else

        {

         trendEQ_buffer[i] = 0.0; // Fallback if volatility is zero

        }

      // Set overbought and oversold levels

      overbought_buffer[i] = overbought_level;

      oversold_buffer[i] = oversold_level;

     }

   return(rates_total); // Return the number of calculated bars

  }

//+------------------------------------------------------------------+