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Indicators

RSI Сandles - Smoothed with Trend Envelopes - indicator for MetaTrader 5

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Views:
222
Rating:
votes: 9
Published:
2018.06.14 13:31

RSI Candles (RSI that calculates RSI of High, Low, Open and Close and displays those values as candles) with an addition of Trend Envelopes.

This version is having an additional option to filter (smooth) the prices prior to using them in RSI calculation (which, effectively makes it an RSI of average). The averages that can be used in smoothing/filtering are SMA, EMA, SMMA and LWMA. If you wish to avoid price smoothing/filtering, simple set the smoothing period to less than or equal to 1 and the, regardless of the smoothing type, there shall be no smoothing/filtering.

Since the Trend Envelopes are used on the set of Open, High, Low and Close price it only seems logical that it can be applied to this type of indicator (that has the equivalent of all those prices). Results are logical and adding Trend Envelopes to such an RSI seems to be helping in assessing trend based on RSI candles indicator. Some experimenting is advised before using it in live trading.

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This version also does not use Close prices for volatility calculation. Instead it uses the High/Low ratio (the calculation is different from the "regular" Historical Volatility indicator).

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Historical Volatility bands constructed using average as the middle line, and upper and lower bands using the Historical Volatility high/low (instead of "regular" Historical Volatility) for bands calculation.

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