REW Signals Advanced RSI

REW Signal

A momentum oscillator for MetaTrader 5 that generates entry signals by applying a Hull Moving Average and a slow weighted moving average directly to RSI values, with an optional higher-timeframe trend filter.

REW Signal is a separate-window indicator designed for traders who want entry signals built on RSI momentum rather than price alone. It calculates a fast HMA line and a slow LWMA line over the RSI output and plots both in the sub-window alongside the raw RSI. Crossovers between these two lines, validated against oversold and overbought zones, produce buy and sell arrows in the sub-window and on the main price chart. The indicator includes a configurable trend filter based on a Hull Moving Average computed from a higher timeframe, so signals can be aligned with the broader market direction before they are confirmed.

Overview

The core calculation applies the Hull Moving Average formula to RSI values rather than price. This produces a fast-reacting smoothed line that follows RSI momentum while reducing lag compared to a standard exponential or simple moving average. A second line, computed using the selected weighted moving average method over a longer period, acts as the signal baseline. When the HMA crosses the LWMA in a given direction and the RSI has recently touched the configured oversold or overbought threshold, the indicator evaluates additional conditions before placing a signal arrow.

Signal confirmation involves up to five independent checks. First, the RSI must have touched the oversold or overbought zone within the configured lookback window. Second, if the HMA itself was already deep in the extreme zone at the time of the RSI cross, the signal qualifies immediately without requiring a separate HMA crossover; otherwise the HMA must also cross the LWMA within the allowed bar gap. Third, the HMA slope at the entry bar must agree with the signal direction. Fourth, the RSI must have exited the zone since the last signal in the same direction, preventing repeated entries in the same zone. Fifth, the higher-timeframe HMA slope must agree with the trade direction if the trend filter is active. Each check can be enabled or disabled independently.

How to Read the Indicator

The sub-window shows three lines: a yellow RSI line, a blue HMA fast line, and a red LWMA slow line. A filled area between the HMA and LWMA changes color based on which line is above the other, giving a quick visual reference for the current RSI trend direction. Buy arrows appear below the entry bar when a bullish crossover satisfies all active conditions. Sell arrows appear above the bar for bearish crossovers. The same arrows are drawn on the main price chart at the corresponding bar for reference against candlestick context.

The information panel in the upper-left corner of the main chart displays the current RSI value, HMA value, LWMA value, the trend derived from the HMA and LWMA relationship, the current RSI zone status, and the higher-timeframe HMA direction. Three color-coded badges summarize trend, zone, and higher-timeframe alignment at a glance. The last confirmed signal direction and its timestamp are shown at the bottom of the panel. Popup and push alerts can be configured to fire on the close of the bar preceding the current one.

Recommended Use

The indicator works on any symbol and timeframe. On shorter timeframes such as M5 and M15, a shorter RSI period and tighter zone lookback setting help maintain signal responsiveness. On H1 and H4, the default settings produce a balanced number of signals without excessive noise. Setting the trend filter to H4 or D1 when working on lower timeframes reduces the number of counter-trend entries. The indicator is suited as a timing tool alongside price action analysis or support and resistance levels rather than as a fully autonomous signal system.

Parameters

RSI Settings

• RSI period — Number of bars used to calculate RSI — Default: 10
• Price source — Price type applied to the RSI calculation — Default: Close
• Oversold threshold — RSI level below which the buy zone is considered active — Default: 30
• Overbought threshold — RSI level above which the sell zone is considered active — Default: 70
• Require RSI zone — Require RSI to have touched the oversold or overbought level before a signal is placed — Default: true

HMA Fast Line

• HMA period — Period for the Hull Moving Average calculated on RSI — Default: 9
• HMA visual shift — Number of bars to shift the HMA display forward on the chart — Default: 1

LWMA Slow Line

• Slow MA period — Calculation period for the baseline moving average — Default: 45
• Slow MA method — Moving average method used for the baseline line — Default: LWMA

Signal Settings

• Maximum bars gap — Maximum bars allowed between the RSI cross and the HMA cross for a shallow-zone signal — Default: 3
• Zone lookback — Bars to look back for an oversold or overbought RSI touch before the crossover — Default: 15

Entry Quality

• Require HMA slope — Require the HMA to be moving in the signal direction at the entry bar — Default: true
• Block zone re-entry — Block a new signal if RSI has not exited the zone since the last signal in the same direction — Default: true

Trend Filter

• Enable trend filter — Activate the higher-timeframe trend filter — Default: true
• Trend timeframe — Timeframe used to compute the trend HMA — Default: H4
• Trend HMA period — HMA period applied to the selected trend timeframe — Default: 55
• Trend slope bars — Number of bars over which the trend HMA slope is measured — Default: 3

History

• History bars — Number of past bars to scan for signals when the indicator first loads — Default: 200

Display and Alerts

• Show information panel — Display the status panel in the chart corner — Default: true
• Popup alert — Show a popup alert when a confirmed signal appears on the previous bar — Default: false
• Push notification — Send a push notification when a confirmed signal appears on the previous bar — Default: false

Signal arrows on historical bars reflect conditions calculated at the time of each bar and are provided for analysis reference only. As with any technical indicator, past signal patterns do not guarantee future outcomes. Test with a demo account before applying to live trading.