SC MTF Composite Index for MT4 with alert
- Indicators
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Krisztian Kenedi
MQL4 / MQL5 Developer | TrueTL Project Founder (since 2011)
I have been developing professional trading tools and custom algorithms since 2011. - Version: 5.30
Composite Index indicator with multi-timeframe support, customizable visual signals, and configurable alert system.
Freelance programming services, updates, and other TrueTL products are available on my MQL5 profile.
Feedback and reviews are highly appreciated!
What is the Composite Index?
The Composite Index was developed by Constance Brown as a tool to overcome the failure swings of the RSI in trending markets. It combines RSI momentum (the difference between a slow and fast RSI) with a smoothed fast RSI component. Two signal SMAs plotted over the result help identify crossover-based entry and exit points.
The Composite Index is designed to show momentum divergences that the standard RSI fails to reveal during strong trends. When price makes a new high but the Composite Index does not, a bearish divergence is formed, and vice versa. The SMA crossovers on the indicator provide additional entry signals.
Features:
- Two signal SMA lines (SMA2 and SMA3) plotted over the main CI line
- Visual signal markers with arrows and vertical lines
- Three independent signal buffers with configurable triggers
- Signal detection options: direction change, level cross, peak/valley
- Configurable alert functions for each signal (email, push, sound, popup)
- Multi-timeframe (MTF) capability with interpolation methods
- Histogram or line drawing mode
- Multiple color modes (simple, direction-based, level-based)
- Custom indicator call (iCustom) buffer access for Expert Advisor (EA) integration
Input Parameters:
- Basic Settings:
- RSI applied price: Price type used for RSI calculations (default: Close).
- RSI slow length: Period for the slow RSI used in the momentum component (default: 14).
- RSI fast length: Period for the fast RSI used in the smoothed component (default: 3).
- Momentum length: Lookback period for the RSI momentum difference (default: 9).
- SMA1 length: Smoothing period applied to the fast RSI before combining (default: 3).
- SMA2 length: Period of the first signal SMA drawn over the CI line (default: 13).
- SMA3 length: Period of the second signal SMA drawn over the CI line (default: 33).
- CI bar shift: Offset the line drawing by a specified number of bars.
- CI timeframe: Choose the timeframe for MTF display.
- MTF on higher TF only: Restrict MTF display to timeframes higher than the current chart.
- MTF Interpolation mode: Select smoothing method (Off, Linear, Smooth, Weighted, Simple Moving Average).
- Maximum bars to calculate: Limit the number of bars calculated for performance optimization.
- Levels Settings:
- Show levels: Toggle overbought/oversold level line visibility.
- High level (overbought): Upper threshold value (default: 70).
- Low level (oversold): Lower threshold value (default: 30).
- Show middle level: Toggle the midpoint level line.
- Level appearance: Customize color, style, and width.
- Signal Settings:
- Signal 1/2/3 trigger: Configure detection type (direction change, level cross, peak/valley).
- Visual markers: Enable arrows and vertical lines with customizable size, style, and position.
- Arrow customization: Set Wingdings codes and colors for up/down signals.
- Alert Settings:
- Alert timing: Choose when alerts trigger (Off, After close, Before close, Both).
- Alert interval limit: Set minimum minutes between repeated alerts.
- Time range filter: Restrict alerts to specific hours.
- Delivery methods: Enable email, push, popup, and sound notifications.
- Color and Style Settings:
- Color mode: Select from multiple modes (simple, direction-based, level-based).
- Histogram mode: Switch between line and histogram display.
- Line appearance: Customize colors (4 per line), style, and width.
- SMA2 line appearance: Color and style for the fast signal SMA.
- SMA3 line appearance: Color and style for the slow signal SMA.
