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Published:

2019.02.07 08:49

RSI_Overlay.mq5 (15.7 KB) view

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Indicator RSI Overlay displays the chart as colored candles in accordance with the data of oscillator RSI.

It has five adjustable parameters:

Data RSI Compare mode - RSI data comparison mode

RSI vs level 50 - RSI line as referred to level 50
RSI vs OB/OS levels - RSI line as referred to the overbought/oversold levels
Current and previous RSI values - comparing the current and previous values of the RSI line

RSI period - RSI calculation period
RSI applied price
RSI overbought - RSI overbought level
RSI oversold - RSI oversold level

RSI vs level 50:

If the RSI line is above level 50,
then the bullish candle is displayed in green
the bearish candle is displayed in light-green

If the RSI line is below level 50,
then the bearish candle is displayed in red
the bullish candle is displayed in light-red

RSI vs OB/OS levels:

If the RSI line is above the overbought level,
then the bullish candle is displayed in green
the bearish candle is displayed in light-green

If the RSI line is below the oversold level,
then the bearish candle is displayed in red
the bullish candle is displayed in light-red

In all other cases, the candle is gray

Current and previous RSI values:

If the RSI values grow,
then the bullish candle is displayed in green
the bearish candle is displayed in light-green

If the RSI values fall,
then the bearish candle is displayed in red
the bullish candle is displayed in light-red

In all other cases, the candle is gray

Fig. 1. RSI Overlay + RSI. Data RSI Compare mode = RSI vs level 50

Fig. 2. RSI Overlay + RSI. Data RSI Compare mode = RSI vs OB/OS levels

Fig. 3. RSI Overlay + RSI. Data RSI Compare mode = Current and previous RSI values

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/23429

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