Watch how to download trading robots for free

Find us on Telegram!
Join our fan page

Interesting script?
So post a link to it -
let others appraise it

You liked the script? Try it in the MetaTrader 5 terminal

Views:: 15065
Rating:: (21)
Published:: 2016.11.01 15:34
Updated:: 2016.11.22 07:32

rsi_filter.mq5 (3.57 KB) view

Download as ZIP, How to download code from MetaEditor

: Need a robot or indicator based on this code? Order it on Freelance Go to Freelance

RSI that is intended to be used as a filter.

It is checking states of RSI (comparing it to levels 30 and 70) and, depending on the breaks of those levels, 3 states of the indicator are plotted:

upper — when there is a clear break above level 70 and when the state is inherited from the previos bar
lower — when there is a clear break bellowe level 30 and when the state is inherited from the previos bar
neutral — when the value is floating between the 40 to 60 values.

This way, the values of RSI are filtered a bit more. Indicator can be applied to other indicators too, and some combinations seem to be interesting (applying this filter to momentum can be interesting, for example).

PS: shorter period of RSI should be used (longer periods of RSI tend to break 30 and 70 levels in fewer occasions and that might limit it in usage — as it is always advised: regular RSI should be used with short periods — up to period 10 is a sort of consensus).

This indicator can be used together with another indicators.

CCI Averages Pre-Filtered

The CCI pre-filtered indicator with an addition of 18 possible types of averages that can be used for pre-filtering.

RSI Floating Levels

Added the filled array for overbought and oversold zones.

Draw Psy Levels

Draws equidistant horizontal lines.

Super Trend Hull Indicator

Super trend indicator that uses hull average for calculation.

RSI Filter - indicator for MetaTrader 5