RSI Сandles - Smoothed with Trend Envelopes:
(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
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
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.