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Price Volume RSI MT5

The Price Volume RSI (Relative Strength Index) indicator shows the weight of recent price volume level changes as an oscillator. Based on the extremely popular formula originally created by J. Welles Wilder Jr. in 1978, this variation, adds additional steps using Volume by Price data as input. The Price Volume RSI Indicator is a powerful tool for technical analysis which can indicate that a trend reversal or price correction may be developing. This indicator allows better interpretation of price volume relations and finer detailed analytical validation.


Key features

  • Indicates trend reversals and price corrections
  • Opens up view onto technical analytics key component price-volume data
  • Measure of the extent to which a price level has been tested
  • Compacts big price-volume data. Summarized single representative value
  • Relates to trading activity and value of volume, with tick volume and real volume respectively
  • Identifies high volatility breakouts at key levels
  • Alternately indicating ahead of other momentum indicators
  • High maximum oscillator sensitivity

Parameters

  • Period - length of look-back period, reaction volatility, default 14, minimum 2
  • Distribution -  maximum amount of price zones, oscillator sensitivity, default 2048, minimum 1024, upper bound limited by system resources, effective if sufficient history data is available, i.e., total price range being large enough to divide
  • Volume
    • Tick Volume
    • Real Volume [1]
  • Price - price designating price zone for volume distribution
    • Close
    • High
    • Low
    • Median
    • Typical
    • Weighted


Notable constants

  • Price Zone Size - size per price zone specified in points, constant 6, effective if total amount of price zones is smaller than parameter 'Distribution'


References

1. ^ For information about (price-) volume data and native 'Real Volume' availability in terminal refer to "Tick Volume and Real Volume - Volume by Price Indicator"
Erwin Stahl
283
Erwin Stahl 2019.03.22 01:42 
 

Goes with my basic set of chart indicators.

Версия 1.7 2019.04.06
several improvements
Версия 1.5 2019.03.14
added support backloaded data
Версия 1.4 2019.03.13
performance improvements
Версия 1.3 2019.03.13
performance improvements