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Indicators

RSI adaptive EMA ribbon - indicator for MetaTrader 5

Mladen Rakic

Views:
708
Rating:
votes: 8
Published:
2018.09.11 13:09
Updated:
2018.09.11 14:05

The background :

This indicator is using the RSI adaptive EMA (originally published here : RSI adaptive EMA) to assess the market condition. Even though it can be translated (and was done so) to a MACD, the on-chart representation of what is used for MACD calculation can help in easier spotting of possible trend changes

Of parameters :

Just the usual parameters : fast rsi period , slow rsi period and the price used. Take care that the fast is faster than the slow period - since then the results can be unpredictable (I did not add a code to check that - the assumption is that the user can do whatever she/he can do as a part of experimenting)

Usage :

Simple color change of the two values indicates a possible start of a new trend and can be used as a signal


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