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2014.03.14 12:25

RSI_BARS - indicator for MetaTrader 5

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votes: 23
rsi_bars.mq5 (6.49 KB)view


The indicator changes the bar color to the color of the current trend calculated based on the RSI technical indicator.

If the trend and candlestick direction match, the color of the bar is light, if opposite, the bar is dark.

Trend strength is determined by the presence of the RSI indicator in overbought or oversold areas whose levels are determined by the indicator input parameters:

input uint   HighLevel=55;   // Overbought level
input uint   LowLevel=45;    // Oversold level

If the RSI is outside these areas, the bar is not painted.


Figure 1. The RSI_BARS indicator

Figure 1. The RSI_BARS indicator

Translated from Russian by MetaQuotes Software Corp.
Original code:

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