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Rsl

RSL MT5 Classic Indicator

 

Classic RSL

This is the classic "Relative Strength Levy" (RSL)  indicator    , according to a study by Dr. Robert Levy, called  "The concept of relative strength in forecasting common stock prices",   which was released as a hardcover book in late 60s of the last century.


Key concept

  • Use this indicator on various instruments to compare their relative strength: The values ​​resulting from the analysis will oscillate around 1
  • The strongest instruments will have the highest RSL values ​​(above 1) and the weakest instruments will have the lowest RSL values ​​(below 1)
  • You may want to buy the strongest instruments (highest RSL values) and sell the weakest instruments (lowest RSL values) to follow trends

Resources

  • Works on all deadlines
  • Works for all instruments available in the Market Watch window of your MetaTrader 5
  • The output value of the buffer is shown in the separate window of the indicator and in the Data window
  • The indicator can be used in Expert Advisors using the iCustom () function for automated trading systems


How Dr. Levy used RSL

Dr. Levy analyzed 200 stocks in the US market (think S&P 200 stocks) on a weekly basis and used the output value of his RSL indicator to rank the stocks from strongest (highest RSL values> 1) to most weak (lower RSL) values ​​<1).  From that resulting ranking list, he bought the 5% to 7% of the shares with the highest RSL reading.  After a week, he analyzed all 200 stocks again and rated them again according to the RSL reading.

If a stock fell to the lowest 31% of that reclassified list (he called it "Cast Rating"), he sold the share and then redistributed free capital again between the most recent 5% to 7%.  ranking.  In this way, he has always invested in the strongest stocks available and reallocated his capital weekly, according to the RSL ranking list.  This is a classic "Momentum" approach and is recommended for medium and long-term investors.


Author

Original concept by Dr. Robert A. Levy (1968).

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