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Indicators: RSI Сandles - Smoothed with Trend Envelopes

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Automated-Trading
Admin
119412
Automated-Trading  

RSI Сandles - Smoothed with Trend Envelopes:

RSI Candles (RSI that calculates RSI of High, Low, Open and Close and displays those values as candles) with an addition of Trend Envelopes.

This version is having an additional option to filter (smooth) the prices prior to using them in RSI calculation (which, effectively makes it an RSI of average). The averages that can be used in smoothing/filtering are SMA, EMA, SMMA and LWMA. If you wish to avoid price smoothing/filtering, simple set the smoothing period to less than or equal to 1 and the, regardless of the smoothing type, there shall be no smoothing/filtering.

Since the Trend Envelopes are used on the set of Open, High, Low and Close price it only seems logical that it can be applied to this type of indicator (that has the equivalent of all those prices). Results are logical and adding Trend Envelopes to such an RSI seems to be helping in assessing trend based on RSI candles indicator. Some experimenting is advised before using it in live trading.

Author: Mladen Rakic

Chris Mukengeshayi
1154
Chris Mukengeshayi  

Dear Mr Mladen, firstly I would like to thank you for this great contribution you share with us.

I would like to ask if it is possible for this great indicator to also be available in MT4, Thanks.

Mladen Rakic
87735
Mladen Rakic  
Chris Mukengeshayi:

Dear Mr Mladen, firstly I would like to thank you for this great contribution you share with us.

I would like to ask if it is possible for this great indicator to also be available in MT4, Thanks.

It can not be made in that form for metatrader 4
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