Download MetaTrader 5

Watch how to download trading robots for free

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

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


Trend Envelopes - RSI - indicator for MetaTrader 5

| English Русский

votes: 7
2018.06.13 13:21

Trend Envelopes variation of RSI indicator.

The RSI indicator used in this version can be pre-smoothed. That is done in order to avoid too much false signals. Pre-smoothing method used can be one of the basic averages types (SMA, EMA, SMMA or LWMA) or, if you use smoothing period less than or equal to 1, no smoothing will be used.

The RSI value displayed is a sort of a "generic" RSI. It is an RSI of (RSI(High) + RSI(Low) + RSI(Close))/30. You can not find a similar RSI just by searching in the rest of the RSI types available.

Trend Envelopes Trend Envelopes

Trend Envelopes indicator is using only % deviation for calculation and that is the only parameter needed for calculation. It is internally using Close, High and Low price and in this version that can not be changed. Also, due to the nature of the indicator, it can be easily be used as a sort of support/resistance indicator.

Advanced ADX Advanced ADX

This version of ADX instead uses different display in order to make that as easy as it can be. The ADX values are easily comparable to the significant level, the the color of the ADX value and histogram clearly shows the trend. That way it is easier to follow the ADX trend(s) and values.

RSI Candles RSI Candles

This is a RSI of High, Low, Open and Close displayed as color candles in it's own sub-window.

RSI Candles - Smoothed RSI Candles - Smoothed

Combination of 4 RSI values (RSI of High, Low, Open and Close) displayed as candles with additional option to enable prices pre-smoothing prior to be used in calculation, which makes it an RSI-of-MA combination.