MP RSI Multi Length for MT4

This indicator provides insights into Relative Strength Index (RSI) values over multiple timeframes. It highlights the percentage of RSIs across varying periods that are classified as overbought or oversold, and also calculates the average of these RSIs.

The percentage of overbought or oversold RSIs is further utilized to define adaptive thresholds for these levels.

Settings:

• Maximum Length: Specifies the longest RSI period used in the calculations.
• Minimum Length: Specifies the shortest RSI period considered.
• Overbought: Sets the threshold for overbought conditions.
• Oversold: Sets the threshold for oversold conditions.
• Applied price: Defines the input data for the indicator.

Usage:

The primary feature of this indicator is the average RSI calculated across multiple timeframes, which functions as an oscillator resembling a standard RSI but adjusts based on the range of lengths selected. By adjusting the Maximum and Minimum length parameters, the indicator can capture both short- and long-term price movements.

The green zone represents the percentage of RSIs exceeding the defined overbought threshold.

The red zone displays the percentage of RSIs below the defined oversold threshold, with the values inverted for clarity.

A dashboard in the upper-right corner of the pane shows these percentages for the most recent data point.

Lower percentages of overbought or oversold RSIs may signal potential short-term corrections in price.

Additionally, these percentages are used to create dynamic thresholds for the average RSI. When a high percentage of RSIs are overbought, the overbought level becomes easier to hit. Similarly, the oversold level adjusts based on the percentage of oversold RSIs.

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