RS O, Relative Strength Oscillator
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. 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 O, Relative Strength Oscillator
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
I added colored bars just for more clarity. Green bars show increasing of
RSO
and red bars show decreasing.
RSO
or
RSI
curves cannot show little changes, while colored bars can. For example when
RSO
is over 20, first red bar reveals direction change. As you can see,
RSO
with bars is more comprehensible with just a glimpse.
Fig 1. RSO indicator
Sequential Green/Red bars indicate that we should wait more for direction change. As showed in following picture,
RSO
is around 20 and starts to decrease. Without bars warning, we may be convinced to open a short position. However sequential opposite color bars is a good indicator alert to aware us do not do anything.
Fig 2. RSO sequential color change
I used MetaQuotes
RSI
source code as a base to recode
RSO
.
