RCI Indicator
- Indicators
- Version: 1.20
RCI (Rank Correlation Index) Indicator
Overview
The RCI (Rank Correlation Index) indicator is an oscillator-based tool that analyzes market trends and possible turning points by measuring the rank correlation of price data.
It quantifies the correlation between price ranking and time ranking over a specified period, displaying values from -100 to +100 as a simple line.
RCI is widely used for gauging market momentum, timing entries and exits, and can support both trend-following and counter-trend strategies.
Main Features
- RCI values close to +100 indicate strong uptrends, while values near -100 indicate strong downtrends. Values around 0 suggest trend reversals or ranging markets.
- Easy-to-read line display on the chart for quick visual assessment.
- Uses rank correlation logic to provide unique trend and timing analysis.
- Suitable for both counter-trend and trend-following strategies.
Parameters
| Parameter | Description |
|---|---|
| RCI Period | The period used for RCI calculation (e.g., 9, 14, 20; freely configurable) |
- All parameter names and messages are in English.
Typical Use Cases
- Trend identification (measuring market momentum or spotting reversals)
- Finding pullback and retracement points
- Reference for counter-trend entry signals
- As a filter in automated trading logic (EAs and scripts)
Operation & Notes
- Due to rank calculation, the indicator may require several seconds (or longer, depending on period and bar count) for initial computation after being attached to the chart or when parameters are changed.
- For large bar numbers or long periods, initial loading may take extra time, but during normal operation (new bars or ticks), performance remains smooth and stable.
- This initial calculation is essential for accurate values—please be aware of this brief delay.
Support & Disclaimer
- This indicator is calculated based on historical data and does not guarantee future price movement or profit.
- For questions or requests, please use the “Comments” or “Messages” section on mql5.com. Support is not provided through external sites or SNS.
- All trading decisions and investment are at the user's own risk.
Summary
The RCI indicator is a versatile oscillator tool for trend analysis and timing, supporting both discretionary and automated trading.
It can be used for identifying market phases, spotting reversals, and as a filter in trading strategies.
For more free indicators and the latest updates, search for "TOKYO-EA".
