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2010.09.15 14:49
Rsi  Ichimoku Indicator

Rsi Ichimoku Indicator - indicator for MetaTrader 4

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Hi All,
I made this indicator for myself and have found it so useful I thought I would share it.

It is based on the standard MT4 Ichimoku Kinko Hyo indicator but I have designed it to track the RSI values instead in a sub window.

You can use it as confirmation of other strategies, or if you are a dedicated Ichi user you can use it as a fantastic adjunct to your Ichi charts.

The one thing I have noticed, and I have displayed in the charts below with a live trade I took, is the great signal that the GREEN Chinkou Span line gives to show tops n bottoms or a momentary consolidation in a trend.

Another point that often yields a good move is when all three lines break through the clouds at once in either direction as per when I took the trade shown. Works well if you can see that pa has a little room to move (13 pip minimum) to resistance. Incidentally I closed the trade on the confirmed reject of the 70 rsi line as news was moments away and I ended up with a nice little pre-news range scalp.

When putting on your chart, just change the last color to the color of your chart to float the clouds.

UPDATE:

NOTE: Version 2 is updated with an automatic shading system that matches the color of your chart automatically.

Dll's need to be allowed for the automatic version. This saves you the trouble of matching the last color to that of your chart

so that the clouds appear to float. Once loaded the auto color needs 1 tick to find your charts color.

For more examples of indi's with auto color change you can pop over to my website.

www.Brooky-Indicators.com

Last comments | Go to discussion (6)
MQL4 Comments
mql4_comments | 19 Sep 2010 at 06:17

Hi, can you tell me why your RSI is not like MT4 RSI? Did you make it smoother?

And why the shifted RSI (green line) is not the same with blue line RSI??

Can you just make it like the way it's on the main price window?

marc weedbrook
brooky | 19 Sep 2010 at 14:10
hoanghuy0910:

Hi, can you tell me why your RSI is not like MT4 RSI? Did you make it smoother?

And why the shifted RSI (green line) is not the same with blue line RSI??

Can you just make it like the way it's on the main price window?


Hi,

1) The RSI is exactly MT4 RSI. Chinkou_Buffer[i]=iRSI(NULL,0,Rsip,PRICE_CLOSE,i);

2) The Blue Line ( Tenkan Sen ) cannot be the same as Chinkou Span by definition of how the Ichimoku

values are calculated. Open the code in meta editor and have a look at the code below the following

line //---- Tenkan Sen and all will be revealed.

Cheers.

Maryan
maryan.dirtyn | 29 Sep 2010 at 12:33
Respect )
MQL4 Comments
mql4_comments | 26 Jul 2012 at 12:29

I didn't have time to dwell on that novel employing RSI to Ichimoku, but one thing seems to be dubious at first glance.

You have written:

"The one thing I have noticed, and I have displayed in the charts below with a live trade I took, is the great signal that the GREEN Chinkou Span line gives to show tops n bottoms or a momentary consolidation in a trend."

What is your method for predicting consolidation and peaks on those charts? Chinkou Span may be quite delusive, since constructing it (at least in traditional Ichimoku KH) denotes shifting current price back on chart. Thus it is very promissing during looking over historical data- it always shows exactly the same patterns as "the future" ones.

marc weedbrook
brooky | 4 Oct 2012 at 16:01
shirava2k12:

I didn't have time to dwell on that novel employing RSI to Ichimoku, but one thing seems to be dubious at first glance.

You have written:

"The one thing I have noticed, and I have displayed in the charts below with a live trade I took, is the great signal that the GREEN Chinkou Span line gives to show tops n bottoms or a momentary consolidation in a trend."

What is your method for predicting consolidation and peaks on those charts? Chinkou Span may be quite delusive, since constructing it (at least in traditional Ichimoku KH) denotes shifting current price back on chart. Thus it is very promissing during looking over historical data- it always shows exactly the same patterns as "the future" ones.

================

Yes you are correct in that the Chinkou Span is essentially just shifted reality. Therefore if you think of what drawing a Sam Seiden style supply and demand area forward is or even just some support and resistance lines that emanate from the past is, they are essentially history moved forward so that we can judge where current price is in relation to these areas.

Chinkou in a certain sense just reverses this process by placing reality at or near points in the past that may or may not have a bearing on where price may stall or reach to.

So, if you were to draw a prior resistance level forwards, then generally price may stall or reverse from that area. If the Chinkou hits or breaks a prior cloud or some other evident resistance level, then one could also assume the same. You are just seeing the action taking place with the price or in this case RSI set back at or near that level.

If one forgets to draw resistance, support, supply, demand etc lines forward, the risk is that one is buying or selling into a wall not seen. Seeing the wall so to speak drawn ala ichimoku style automatically means one only has to concentrate on any other signals to support your trading decision depending as to where Chinkou ( reality ) is against past stumbling blocks.

The above is a simplistic explanation of how I see it as there is much more to Ichi trading which is well worth learning that is beyond the scope of a reply here imho.

Cheers

Brooky