Watch how to download trading robots for free

Find us on Telegram!
Join our fan page

Interesting script?
So post a link to it -
let others appraise it

You liked the script? Try it in the MetaTrader 5 terminal

Views:

6402

Rating:

(8)

Published:

2018.12.28 11:07

Rsi(oma) (on chart).mq5 (12.82 KB) view

Download as ZIP, How to download code from MetaEditor

Need a robot or indicator based on this code? Order it on Freelance Go to Freelance

Theory :

In a lot of cases it would help if we can see some oscillator on directly on chart, instead of seeing it in a separate window. There is a few methods for doing that. One is using a highest high / lowest low channel. This version is doing that and is displaying RSI (Relative Strength Index) that is using average instead of raw prices (the well known rsioma) directly on char. The averages that can be used are the usual :

simple moving average (SMA)
exponential moving average (EMA)
smoothed moving average (SMMA)
linear weighted moving average (LWMA)

Usage :

As any other Rsi(oma) is used. Some additional options are added (like 3 coloring modes) in order to help the usage of the indicator

PS: Rsi(oma) usually deserves a "big picture" example too. So here is this example

On-chart RSI

Price Percentage and Times on cursor crosshair

This indicator enhance the functionality of the standard crosshair of MetaTrader adding the difference in Percentage and the time span in a human readable form (not in bars, but in Hours, minutes, days, etc)

Stochastic on chart

Stochastic of average (on chart)

Rsi(oma) on chart - indicator for MetaTrader 5