Glitch Index Indicator
Platform: MT5 Type: Momentum Last update: September 21, 2024The Glitch Index indicator is a custom forex histogram indicator that shows the index of the price deviation from its average value.
That gauge was first introduced in the February edition of Active Trader Magazine in the year 2004. Since then, it has continued to gain popularity and support within the MT5 traders community.
These are cutomizable inputs:
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 for the Glitch Index indicator:
The calculations of the Glitch Index indicator are based on the following formula:
Glitch Index[i] = 100 * diff[i] / Price[i]
Where:
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.
How to use the Glitch Index:
The histogram bars of the Glitch Index indicator fluctuates above and below the 0 level. Positive values indicate bullish momentum, and darker green color reflects a stronger signal. Similarly, negative values indicate bearish momentum, and darker red color reflects a stronger signal.
