The Glitch Index Metatrader 5 custom indicator is used in displaying the index of the price deviation from its average value.
The indicator got first published in the February edition of Active Trader Magazine in 2004.
Since then, it has continued to gain popularity and support within the MT5 community.
There are four vital input parameters that is being deployed within the Glitch_Index MT5 indicator:
MA Period – Defines the moving average period;
MA method – Defines the moving average calculation method;
ROC Period – Defines the period of calculating the price rate of change (ROC);
Applied price – Defines the price that is used for calculations.
The formula that represents the Glitch_Index Metatrader 5 indicator is as follows:
Glitch Index[i] = 100 * diff[i] / Price[i]
diff[i] = Applied price[i] – smamult[i]
smamult[i] = MA(i)*((MA(i) – MA(i-ROC Period)) * 0.1+1)
MA – moving average with the calculation period of MA Period and the calculation method of MA method.
The color scheme of the histograms is such that lime green and medium spring green histograms form above the zero level, while orange red and light salmon histograms gets aligned below the zero level.
In terms of signals, strong bullish signal and weak bullish signal are in focus when the lime green and medium spring green histograms pops up above the zero level respectively.
Meanwhile, a strong bearish signal and a weak one are in focus when the orange red and light salmon histograms gets displayed below the zero level.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (MA Period, MA method, ROC Period, Applied price), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Glitch_Index.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)