RS i Signal
Info
The RS i Signal is a Indicator for MetaTrader 4 that this indicator displays three rsi lines of different periods and the moving average (ma) of the first rsi line, also known as the smoothed rsi. It also shows the MA of the smoothed RSI, and the crosses between the smoothed RSI and its MA can be used as trading signals.
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 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.
What this tool does
This indicator displays three RSI lines of different periods and the moving average (MA) of the first RSI line, also known as the smoothed RSI.
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: Chandelier Exit for MT4: A Precise Port with Enhanced Signal Statistics - another powerful indicator for MetaTrader 4 traders.
This indicator displays three RSI lines of different periods and the moving average (MA) of the first RSI line, also known as the smoothed RSI.Also recommended: Range Filter Buy and Sell Indicator for MT4 with Signal Statistics - similar indicator with strong performance on MetaTrader 4.
It also shows the MA of the smoothed RSI, and the crosses between the smoothed RSI and its MA can be used as trading signals.
The indicator includes a histogram for the RSI or its moving average, with color-coded level lines and MA lines.
The histogram is four-colored, and the indicator allows for color filling between overbought and oversold levels as the background.
Users can customize the display by turning features on or off.
Regarding the RSI value of this indicator, it is calculated as the original RSI value minus 50. Similarly, the overbought/oversold level is adjusted by subtracting 50 from the original level.
This adjustment ensures that the RSI changes are centered around 0 instead of 50, making it more convenient for histogram visualization.
Users can input original overbought/oversold levels (e.g., 70/30), and the indicator will automatically apply the adjustment.
Parameters:
- RSI 1 Period: Period of RSI #1. Default is 14 if the input is less than 2 or greater than 100.
- RSI 2 Period: Period of RSI #2. Default is 21 if the input is less than 2 or greater than 100.
- RSI 3 Period: Period of RSI #3. Default is 7 if the input is less than 2 or greater than 100.
- Price Apply To: RSI price source.
- Overbought Level: Overbought level (default 70 or any custom level).
- Oversold Level: Oversold level (default 30 or any custom level).
- Smooth Period: MA period for smoothing RSI #1.
- Smooth Method: MA method for smoothing RSI #1.
- MA Period: Period of the second MA (MA of smoothed RSI #1).
- MA Method: Method of the 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 the second MA (MA of smoothed RSI #1).
- Choose Histogram Type: Three options to draw histograms:
- Draw Histogram for RSI 1
- Draw Histogram for Smoothed RSI 1
- Disable Histogram
- Histogram Color Change: Two options for histogram color change:
- As per Smoothed RSI #1 Direction
- As per RSI #1 and Smoothed RSI #1 (green for possible uptrend, red for possible downtrend)
- Enable Background: Draw histograms between overbought and oversold levels as the background.
- Background for Whole Window: Draw background histograms across the entire indicator window (requires 'Enable Background' to be on).
Note: The default color settings are optimized for the 'Green and Black' theme in MetaTrader 4. Adjust colors for clarity on a white background.
You may also like: UT Bot Alerts for MT4: Signal Statistics and Session Filtering - excellent alternative for indicator users on MetaTrader 4.
Source Code
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⚠ 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.