RSI CCI Divergence Indicator
Info
The RSI CCI Divergence Indicator is a Script for MetaTrader 4 that indicator operation principlethe indicator displays arrows based on the relative strength index (rsi) and commodity channel index (cci) values:- buy: rsi is above the upper level (defined by rsilowerlevel, default 40) and cci is below the lower level (default -200). - If checklastrsizone is enabled, it checks the last RSI overbought/oversold zone against the rsilowerlevel_2 level.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use RSI CCI Divergence Indicator
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
Indicator Operation PrincipleThe indicator displays arrows based on the Relative Strength Index (RSI) and Commodity Channel Index (CCI) values:- Buy: RSI is above the upper level (defined by rsilowerlevel, default 40) and CCI is below the lower level (default -200).
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: notches indicator - another powerful script for MetaTrader 4 traders.
Indicator Operation PrincipleThe indicator displays arrows based on the Relative Strength Index (RSI) and Commodity Channel Index (CCI) values:
Also recommended: high n indicator - similar script with strong performance on MetaTrader 4.
- Buy: RSI is above the upper level (defined by rsilowerlevel, default 40) and CCI is below the lower level (default -200).
- If checklastrsizone is enabled, it checks the last RSI overbought/oversold zone against the rsilowerlevel_2 level.
- If reversersizone is false, the last zone must be above the upper level (default 70) for a buy arrow.
- If reversersizone is true, the last RSI value must be below the lower level (default 30).
- Sell: Similar conditions apply for sell arrows, but in reverse.
Indicator Parameters
- rsiperiod: RSI calculation period.
- rsiprice: RSI price type (0-close, 1-open, 2-high, 3-low, 4-median, 5-typical, 6-weighted).
- rsilowerlevel: Lower level of RSI, the upper level is 100 - rsilowerlevel. Values below this level indicate a bearish trend, and above indicate a bullish trend.
- rsilowerlevel_2: Lower level for determining the last RSI overbought/oversold zone, the upper level is 100 - rsilowerlevel_2.
- checklastrsizone: Enables checking the last RSI zone.
- reversersizone: Reverses the condition for the last RSI zone.
- cciperiod: CCI calculation period.
- cciprice: CCI price type (0-close, 1-open, 2-high, 3-low, 4-median, 5-typical, 6-weighted).
- ccilevel: Upper level of CCI, the lower level is - ccilevel.
You may also like: order information indicator - excellent alternative for script users on MetaTrader 4.
⚠ 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.