Technical Indicators for MetaTrader 5
Shopping cart
The cart is empty
MetaTrader 5
Top Rated Products MT5
Overview
The Hull Butterfly Oscillator (HBO) is an oscillator constructed from the difference between a regular Hull Moving Average ( HMA ) and another with coefficients flipped horizontally. Levels are obtained from cumulative means of the absolute value of the oscillator. These are used to return dots indicating potential reversal points. This indicator draw line in separate window, plus blue dot (for buy signal) when hull oscillator is peak and red when sell signal. It also includes integrated alerts where signal occur and foward message to Telegram channel or group if you want.
At v1.02, we add option to alert when hull + ema condition. In detail, the indicator will alert when there is a buy signal for hull butterfly oscillator and the price is above 2 EMAs (default with period 34, 89 : which suggested by sonicr strategy). Contrast for sell signal alert. We have tested with many different symbol, condition and this strategy works in most time.
Settings
· Length: Number of past price inputs processed by the oscillator
· Lookback bar: Default 400 is number of bar caculate when init indicator.
· Minbar to defined peak: Default 5 is bar look back to check extreme point.
· Notification type: You can choose Alert,Telegram or MT5 mobile app. If you want to forward message to telegram, please read the end of this intrution
· Notification time: You can choose noti when hull signal only or hull signal and trend (Defined by 2 EMA)
· EMA short period (default: 34)
· EMA long period (default: 89)
Some other setting if you choose forward signal to telegram
· Telegram channel_id: Telegram channel id or group id. Using 0 if do not foward message to telegram
· Telegram bot token: Telegram bot token. Using blank if do not foward message.
· Telegram message template: Template of message that send to telegram.
Explanation
The name of the indicator is directly derived behind the coefficients used for its calculation. Displaying regular Hull coefficients alongside those flipped horizontally slightly resemble a butterfly , the difference between these sets of coefficients allows obtaining the HBO.
This operation allows to obtain a more structured impulse response, potentially giving less undesired performances on the frequency domain compared to simpler operation involving subtracting the HMA to a SMA , EMA or WMA . Default indicator level is average value by lookback bar, it divide price zone to uptrend and downtrend
Usage
The oscillator can be used like most available oscillators. The sign of the HBO allows determining the current trend direction, while divergences with price might indicate potential reversals.
Configure notifications via telegram
Our solution is creating a service – tool which runs in background to forward messages from the indicator to telegram. This is free here (Telegram helper for indicator).
