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2016.10.26 14:16

Composite RSI - indicator for MetaTrader 5

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Published by:
Mladen Rakic
votes: 12

The name of the composite RSI might mislead a bit.

Composite RSI is not "compositing" RSIs but is a rather new way of calculating the RSI.  Unlike the RSI that is a sort of a momentum indicators, composite RSI is more a trending indicator. It tends  to filter out insignificant price changes and seems to be good in identifying the underlying trends

This version has, as an aid in filtering "trends" an addition of floating levels (which are intended to make the significant levels that are usually used for trend finding dynamic instead of being static) and allows multiple modes of price pre-filtering mode. Also, it includes alerts and is already a multi time frame indicator (it does not require any other file - this is a single file multi time frame indicator) and is one in the series of indicators for metatrader 5 that will be made as single file, full fledged indicators with all the usual options that we are already used to when it comes to serious metatrader 4 code too.

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