RS I Signal
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use RS I Signal
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.
Description & Settings
Displays 3 RSI lines of different periods and the MA of the first RSI line (smoothed RSI).
Displays the MA of the smoothed RSI. The crosses of smoothed RSI and its MA can be used as the signals.
Displays histogram for RSI or its Moving Average.
Colored level lines.
Two color MA lines.
Four color histogram.
Color filling between overbought and oversell levels (background).
Users can turn off/on most of the features mentioned above. About RSI value of this indicator
The RSI value of this indicator = original RSI value - 50
The overbought/oversell level = original overbought/oversell level - 50
This is to make RSI changes around 0 (not 50), which is convenient to draw histograms.
Users enter original overbought/oversell levels (70/30, or any other values), this indicator will change (subtract 50) automatically.
Parameters
RSI 1 Period
- Period of RSI #1. If input is less than 2 or larger than 100, indicator will use default (14) instead.
RSI 2 Period
- Period of RSI #2. If input is less than 2 or larger than 100, indicator will use default (21) instead.
RSI 3 Period
- Period of RSI #3. If input is less than 2 or larger than 100, indicator will use default (7) instead.
Price Apply To
- RSI price apply to
Overbought Level
- Overbought level (70, or any other levels you need)
Oversell Level
- Oversell level (30, or any other levels you need)
Smooth Period
- Enter the MA period for smoothing RSI #1
Smooth Method
- Choose MA method for smoothing RSI #1
MA Period
- Period of second MA (MA of smoothed RSI #1)
MA Method
- Method of second MA
Enable RSI 1 Line
- Turn on/off RSI #1 line
Enable RSI 2 Line
- Turn on/off RSI #2 line
Enable RSI 3 Line
- Turn on/off RSI #3 line
Enable Smoothed RSI 1
- Turn on/off Smoothed RSI #1 line
Enable MA of Smoothed RSI 1
- Turn on/off second MA (the MA of smoothed RSI #1)
Choose How to Draw Histogram
- Three options to draw histograms:
Draw Histogram for RSI 1:
Draw Histogram for Smoothed RSI 1
Disable Histogram
Choose How to Change Histogram Color
- Two options about how the histogram colors change:
As Per Smoothed RSI #1 Direction
As Per RSI #1 and Smoothed RSI #1
Option 2 means: when RSI #1 crosses above the smoothed RSI, histogram will be green, which indicates a possible uptrend; when it crosses down smoothed RSI, histogram color will be red, which indicates a possible downtrend.
Enable Background
- If this option is enabled, indicator will draw histograms between Overbought level and Oversell level, as the background of "normal area".
Background for Whole Indicator Window
- If this option is enabled, the background histograms will be drawn from the top to bottom of the whole indicator window. This is available only if "Enable Background" option is turned on. Note
The default color settings are fit for "Green and Black" theme in MetaTrader 4, if you use "Black and White" scheme, please change the colors to make it clear in white background.
