my rsi
Info
The my rsi is a Indicator for MetaTrader 4 that john ehlers introduced a variation of rsi calculation (as a part of another indicator) that he decided to call myrsi. since it produces results different then the built in rsi, it seemed as logical step that we should have that indicator too.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use my rsi
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
john ehlers introduced a variation of rsi calculation (as a part of another indicator) that he decided to call myrsi.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Institutional Ehlers Fisher Transform: Advanced Price Normalization for MT4 - another powerful indicator for MetaTrader 4 traders.
Also recommended: External Range Liquidity (ERL) Indicator: Advanced Market Structure and Liquidity Analysis - similar indicator with strong performance on MetaTrader 4.
john ehlers introduced a variation of rsi calculation (as a part of another indicator) that he decided to call myrsi. since it produces results different then the built in rsi, it seemed as logical step that we should have that indicator too. kept the name, but again : that name is used by john ehlers (not me)compared to built in rsi, there are some significant differences :
it is ranging from -1 to 1 (hence zero cross can be used as a sort of signal)
values are apart from different ranges) different than built in rsi and the signals (if we take level 50 as signals for built in rsi) are different
recommendations:
use it as any other rsi
You may also like: B Bands Psar Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 1
#property indicator_plots 1
#property indicator_label1 "myrsi"
#property indicator_type1 draw_line.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.