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Indicators: Rsi Ichimoku Indicator

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MetaQuotes Software Corp.
Moderator
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MetaQuotes Software Corp. 2010.09.15 14:49 

Rsi Ichimoku Indicator:

Ichimoku indicator based on RSI values that displays in your sub-window.

Author: marc weedbrook

MQL4 Comments
16319
MQL4 Comments 2010.09.19 06:02  
Cool!
MQL4 Comments
16319
MQL4 Comments 2010.09.19 06:17  

Hi, can you tell me why your RSI is not like MT4 RSI? Did you make it smoother?

And why the shifted RSI (green line) is not the same with blue line RSI??

Can you just make it like the way it's on the main price window?

marc weedbrook
120
marc weedbrook 2010.09.19 14:10  
hoanghuy0910:

Hi, can you tell me why your RSI is not like MT4 RSI? Did you make it smoother?

And why the shifted RSI (green line) is not the same with blue line RSI??

Can you just make it like the way it's on the main price window?


Hi,

1) The RSI is exactly MT4 RSI. Chinkou_Buffer[i]=iRSI(NULL,0,Rsip,PRICE_CLOSE,i);

2) The Blue Line ( Tenkan Sen ) cannot be the same as Chinkou Span by definition of how the Ichimoku

values are calculated. Open the code in meta editor and have a look at the code below the following

line //---- Tenkan Sen and all will be revealed.

Cheers.

Maryan Kozovyy
657
Maryan Kozovyy 2010.09.29 12:33  
Respect )
MQL4 Comments
16319
MQL4 Comments 2012.07.26 12:29  

I didn't have time to dwell on that novel employing RSI to Ichimoku, but one thing seems to be dubious at first glance.

You have written:

"The one thing I have noticed, and I have displayed in the charts below with a live trade I took, is the great signal that the GREEN Chinkou Span line gives to show tops n bottoms or a momentary consolidation in a trend."

What is your method for predicting consolidation and peaks on those charts? Chinkou Span may be quite delusive, since constructing it (at least in traditional Ichimoku KH) denotes shifting current price back on chart. Thus it is very promissing during looking over historical data- it always shows exactly the same patterns as "the future" ones.

marc weedbrook
120
marc weedbrook 2012.10.04 16:01  
shirava2k12:

I didn't have time to dwell on that novel employing RSI to Ichimoku, but one thing seems to be dubious at first glance.

You have written:

"The one thing I have noticed, and I have displayed in the charts below with a live trade I took, is the great signal that the GREEN Chinkou Span line gives to show tops n bottoms or a momentary consolidation in a trend."

What is your method for predicting consolidation and peaks on those charts? Chinkou Span may be quite delusive, since constructing it (at least in traditional Ichimoku KH) denotes shifting current price back on chart. Thus it is very promissing during looking over historical data- it always shows exactly the same patterns as "the future" ones.

================

Yes you are correct in that the Chinkou Span is essentially just shifted reality. Therefore if you think of what drawing a Sam Seiden style supply and demand area forward is or even just some support and resistance lines that emanate from the past is, they are essentially history moved forward so that we can judge where current price is in relation to these areas.

Chinkou in a certain sense just reverses this process by placing reality at or near points in the past that may or may not have a bearing on where price may stall or reach to.

So, if you were to draw a prior resistance level forwards, then generally price may stall or reverse from that area. If the Chinkou hits or breaks a prior cloud or some other evident resistance level, then one could also assume the same. You are just seeing the action taking place with the price or in this case RSI set back at or near that level.

If one forgets to draw resistance, support, supply, demand etc lines forward, the risk is that one is buying or selling into a wall not seen. Seeing the wall so to speak drawn ala ichimoku style automatically means one only has to concentrate on any other signals to support your trading decision depending as to where Chinkou ( reality ) is against past stumbling blocks.

The above is a simplistic explanation of how I see it as there is much more to Ichi trading which is well worth learning that is beyond the scope of a reply here imho.

Cheers

Brooky

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