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Published:

2018.10.25 18:07

Breakout_RSI.mq5 (11.37 KB) view

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Breakout RSI oscillator is based on the article "The Breakout Relative Strength Index" by Howard Wang in the magazine "Technical Analysis of Stocks & Commodities" (September 2015).

The indicator has three input parameters:

Period - calculation period
Overbought - overbought level
Oversold - oversold level

Calculation:

BRSI = 100.0 - 100.0 / (1.0+AvgP/AvgN)

where:

AvgP - SMA(P,Period)
AvgN - SMA(N,Period)

If BPower > PrevBPower
P = Abs(BPower)

otherwise
P = 0

If BPower < PrevBPower
N = Abs(BPower)

otherwise
N = 0

BPower = BPrice * BStrength * BVolume
BPrice = (PrevOpen+Max+Min+Close)/4.0
BStrength = (Close-PevOpen)/(Max-Min)
BVolume = Volume + PrevVolume
Max = Max(High,PrevHigh)
Min = Min(Low, PrevLow)

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/22374

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