Very interesting idea contained in this article:
about using RSI as trend indicator.
Might be a nice addition to Braintrader and other systems...?
This appears to be a simple calculation but I am not
versed in MetaLanguage.
Would anyone please like to try to code this for MT4?
Thanks in advance,
I have developed this indicator.
Try to use please.
I just tried this indicator with Braintrading rules #2 (M30 timeframe without confirmation on M15) and I may say that it works.
Just change the period of RSIFilter to 9 (according to the article).
And as I understand Orange color is uptrend if above zero, and SkyBlue color is downtrend if below 0. If SkyBlue color is above zero so the trend is changing and will be changed finally if SkyBlue above zero will be changed to Orange above zero.
That was quick, thank you Igor.
Igor Roxs! Thanks, man!
Many thanks to Igor...
Script showing daily, 4h and 1h direction
I am a new member of this forum, and what a great forum I must say . Keep up the good work .
Anyway I am very interested in this RSIFilter indicator, because it is exactly what I am using in my strategy, which I am putting together. I just had to check the RSI manually and now I don't have to thanks to you guys .
I have recompiled the indicator into a multitimeframe indicator, so that we can check if for example our 30M RSIFilter complies with the daily,4H and 1H RSIFilter, all in the same chart. Very convenient .
However it would be very nice if someone could write a script or something showing a comment lin in the upper right corner saying " daily direction is up/down, 4H direction is up/down .....".
I added 4h to yours. I know the script but do not know how to make it write 2 lines for 2 time frames. Here is the 4h script... easily changed to daily.
double rsi = iRSI(NULL, PERIOD_H4, 14, PRICE_CLOSE, 0);
if (rsi == 50.0)
Comment("4hr RSI is flat ",rsi);
else if (rsi > 50.0)
Comment("4hr RSI is long ",rsi);
else if (rsi < 50.0)
Comment("4hr RSI is short ",rsi);
yoo multa your indi is emty .
It look nice igorad but there is alot of holey thing in your indi,is it normal?!