Discussing the article: "Creating Custom Indicators in MQL5 (Part 2): Building a Gauge-Style RSI Display with Canvas and Needle Mechanics"
Thanks Allan for a creative idea.
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Check out the new article: Creating Custom Indicators in MQL5 (Part 2): Building a Gauge-Style RSI Display with Canvas and Needle Mechanics.
In this article, we develop a gauge-style RSI indicator in MQL5 that visualizes Relative Strength Index values on a circular scale with a dynamic needle, color-coded ranges for overbought and oversold levels, and customizable legends. We utilize the Canvas class to draw elements like arcs, ticks, and pies, ensuring smooth updates on new RSI data.
The gauge-style Relative Strength Index indicator reimagines the standard Relative Strength Index as a circular dial, where a needle dynamically points to the current momentum value on a scale from 0 to 100, highlighting overbought conditions above 70 and oversold below 30 through distinct color zones for quick visual assessment. It incorporates tick marks for precise reading, legends for context, like the indicator name and value display, and a traditional line plot in a separate window to complement the gauge with historical data trends. We thought of this dial gauge approach because it is intuitive and appealing to do analysis and display the results, and we used a standard, well-known calculation approach, but in the future can incorporate complex data for rendering and annotations.
For now, we aim to build a modular framework that separates graphical layers for the scale and needle, allowing independent transparency and updates for efficiency. We will start by outlining input parameters for customization, such as angle ranges, colors, and tick intervals, then define structures for elements like arcs, pies, and labels to organize drawing logic. From there, we will create a base class to handle creation, parameter setting, and redrawing, ensuring the gauge initializes properly and responds to new Relative Strength Index values from the market. Our plan is to leverage canvas drawing for all visual components, integrate with the built-in Relative Strength Index calculation, and manage event handlers for seamless operation across chart updates. In brief, here is a visual representation of our objectives. We have detailed most of the elements for ease in understanding.
Author: Allan Munene Mutiiria