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Indicators

RSI Summed - indicator for MetaTrader 5

Mladen Rakic

Views:
1280
Rating:
votes: 6
Published:
2019.02.21 12:43
RSI summed.mq5 (6.94 KB)view

Theory :

The theory of this indicator is simple :

It takes nnn RSI values specified by periods parameter and checks if all the nnn rsi values are above or bellow the required value. If they are above, it shows it as state up, if all are bellow the desired low level, it shows it as state down, otherwise it shows it as neutral state. One may argue that that state can be obtained by checking the slowest rsi only, but in some cases it is not so (it largely depends on the periods used) hence the indicator does it for all the specified RSI values

Periods used can be specified as a list separated by ":". Default is 14;15;16;17;18;19;20;21

Usage :

You can use the color change as signals

PS: example compared to the used RSIs



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