RSIOMA_V2 - indicator for MetaTrader 5

Real author:

Kalenzo

The trend indicator using an oscillator algorithm drawn in the form of a colored cloud with additional indication.

The color histogram defines trend by finding the border of the colored cloud beyond levels:

input uint MainTrendLong=60;  // Upper trigger level
input uint MainTrendShort=40; // Lower trigger level

When the colored cloud extends beyond the boundaries of levels:

input uint BuyTrigger=80;    // Buy level
input uint SellTrigger=20;   // Sell level

Colored dots appear in the moments when the direction of the fast envelope line of the cloud is opposite to the breakthrough level. For example, if the fast envelope line is above Buy and is falling, a pink dot appears.

The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".

Originally this indicator has been written in MQL4 and was first published in the Code Base on 11.03.2008.

Figure 1. The RSIOMA_V2 indicator