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Published:

2007.06.14 09:48

Updated:

2014.04.21 14:51

FX5_SelfAdjustingRSI_v1_0.mq4 (4.79 KB) view

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In February issue of Technical Analysis of STOCKS & COMMODITIES magazine David Sepiashvili presented a new idea for adjusting RSI overbought-oversold levels. The advantage of this approached is that it could be applied to multiple market conditions without regard to the calculation period. This standardization facilitates the usage of the indicator in Multiframe analysis.

The article contained two different algorithms for of adjusting the width of the overbought and oversold bands for the RSI. This indicator draws RSI and the self-adjusting overbought-overslold levels.

If the parameter MA-Method is set to true the bands are calculted by moveing average based algorithm. If it is set to false the altarnative standard diviation algorithm will be used.

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FX5_SelfAdjustingRSI - indicator for MetaTrader 4