Download MetaTrader 5

Watch how to download trading robots for free

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

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

2016.05.16 11:27
Relative Strength Index

Relative Strength Index - indicator for MetaTrader 4

| English Español Português Русский 中文 Deutsch 日本語

Views:
4072
Rating:
votes: 11
rsi.mq4 (4.69 KB)view

A popular method of analyzing the RSI is to look for a divergence in which the security is making a new high, but the RSI is failing to surpass its previous high.

This divergence is an indication of an impending reversal. When the Relative Strength Index then turns down and falls below its most recent trough, it is said to have completed a "failure swing".

The failure swing is considered a confirmation of the impending reversal.

Relative Strength Index

The following signals of Relative Strength Index are used in chart analyzing:


    • Tops and Bottoms
      The Relative Strength Index usually tops above 70 and bottoms below 30. It usually forms these tops and bottoms before the underlying price chart.

    • Chart Formations
      The RSI often forms chart patterns such as head and shoulders or triangles that may be or may not be visible on the price chart.

    • Failure Swing (Support or Resistance breakout)
      This is where the Relative Strength Index surpasses a previous high (peak) or falls below a recent low (trough).

    • Support and Resistance levels
      The Relative Strength Index shows, sometimes more clearly than price themselves, levels of support and resistance.

    • Divergences
      As discussed above, divergences occur when the price makes a new high (or low) that is not confirmed by a new high (or low) in the Relative Strength Index. Prices usually correct and move in the direction of the RSI.


    Calculation

    This is the main formula of Relative Strength Index calculation:

    RSI = 100 - (100 / (1 + U / D))

    Where:
    U — average number of positive price changes;
    D — average number of negative price changes.

    Description of the technical indicator

    The full description of the Relative Strength Index is available in the Technical analysis: Relative Strength Index section

    Translated from Russian by MetaQuotes Software Corp.
    Original code: https://www.mql5.com/ru/code/7677

    Accelerator Oscillator (AC) Accelerator Oscillator (AC)

    The Acceleration/Deceleration Indicator (AC) measures acceleration and deceleration of the current driving force.

    Average Directional Movement Index (ADX) Average Directional Movement Index (ADX)

    The Average Directional Movement Index Indicator (ADX) helps to determine if there is a price trend.

    LinesProfitLoss LinesProfitLoss

    Calculates profit (loss) of the current orders on the symbol.

    FFC - Forex Factory Calendar FFC - Forex Factory Calendar

    Modified version of FF Calendar Indicator with new features.