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2014.06.11 11:11
Indicators

Random Walk Index - indicator for MetaTrader 5

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rwi.mq5 (16.33 KB)view
\MQL5\Include\

Real author:

Ramdass

The Random Walk Index indicator is used in situations where it is necessary to determine whether the market instrument is in a developing trend or performs random motion in a trading range.

This indicator tries to do it by defining a trading range of the market instrument first. The next step is to calculate a series of RWI indices for a maximum of the analyzed period. The greatest movement of the index relative to RW is used as the current index. The market develops an uptrend, if RWI of highs > 1, while the downtrend is when RWI of lows > 1.

This indicator was first implemented in MQL4 and published in CodeBase on 21.12.2006.

Figure 1. The RWI indicator

Figure 1. The RWI indicator

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/6990

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