Detrended Price Oscillator (MetaTrader indicator) — a version of the price oscillator based on the difference between the current price and the simple moving average shifted by (Period / 2) + 1 bars. Unlike stochastic oscillator, this indicator aims to show the short-term trend changes (price waves inside the long-term trend). The indicator is displayed in the separate window of a chart. You can use this Detrended Price Oscillator indicator in both MT4 and MT5 versions of the platform.
Significant trend changes are signaled by the cross of the indicator and the zero level. But because the indicator is lagging, predicting such crosses can be a better tactic. I wouldn't call this indicator great for direct trading purposes but it still can be used as the short-term trend confirmation.
Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.
Do you have any suggestions or questions regarding this indicator? You can always discuss Detrended Price Oscillator with the other traders and MQL programmers on the indicators forums.