A BET T E R RS I
Info
The A BET T E R RS I is a Indicator for MetaTrader 5 that the relative strength index is an age old indicator, that possess incredible edge to this day. The problem though, is its susceptibility to noise from the markets, generating a lot of false signals.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use A BET T E R RS I
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
The relative strength index is an age old indicator, that possess incredible edge to this day.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Price Channel - another powerful indicator for MetaTrader 5 traders.
The relative strength index is an age old indicator, that possess incredible edge to this day. The problem though, is its susceptibility to noise from the markets, generating a lot of false signals.
Also recommended: Multi-Timeframe Moving Average Indicator (v03) - similar indicator with strong performance on MetaTrader 5.
This indicator takes the concept of the RSI which is to read and display momentum and refines it to a point, where only true market moves are presented.The indicator should be used the same way you would use an RSI, look for divergences, trade on upward or downwards moves of the indicator or wait for oversold or overbought regions.
Recommendations:
Adjust the Signal Period and Rate of Change Period at your discretion.
Back test extensively before going live.
Manage risk appropriately.
You may also like: Multi-Timeframe Relative Strength Index (MTF RSI) Indicator for MT4/MT5 - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.