Absolute Strength Indicator
Info
The Absolute Strength Indicator is a Indicator for MetaTrader 5 that this indicator serves as an alternative to the popular rsi and stochastic indicators, employing a calculation method based on buyers' and sellers' strengths. Unlike the aforementioned indicators, it measures in points rather than percentages, enabling a more nuanced assessment of market strengths and mitigating issues like slippage in strong trends.
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 Absolute Strength Indicator
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 serves as an alternative to the popular RSI and Stochastic indicators, employing a calculation method based on buyers' and sellers' strengths.
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: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.
This indicator serves as an alternative to the popular RSI and Stochastic indicators, employing a calculation method based on buyers' and sellers' strengths. Unlike the aforementioned indicators, it measures in points rather than percentages, enabling a more nuanced assessment of market strengths and mitigating issues like slippage in strong trends.Also recommended: Volume Strength Compass by Bhanu Code Lab - similar indicator with strong performance on MetaTrader 5.
Overbought/oversold levels, akin to RSI and Stochastic, are adjustable via the strengthlevel and weakness level parameters (e.g., 70 and 30).
The standard deviation channel is controlled by the lookbackperiod parameter and coefficients for the upper (uppermultiplier) and lower (lowermultiplier) boundaries.
The high/low channel, inspired by the price channel concept, is governed by the lookbackperiod, strengthlevel, and weakness level parameters.
The accompanying illustration showcases three methods for constructing strength and weakness levels: overbought/oversold levels in the first subwindow, the standard deviation channel in the second, and the high/low channel in the third.
The indicator incorporates two additional smoothing techniques using four types of moving averages (ma_mode: SMA, EMA, Wilder, and LWMA):
- Preliminary price smoothing using the presmooth parameter.
- Main smoothing based on calculated bulls and bears with the smooth parameter.
Signal lines, regulated by signal and ma_mode parameters, determine the inflection points of bulls and bears lines. The indicator also features an integrated algorithm for drawing lines on higher timeframes.
You may also like: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_separate_window
#property indicator_buffers 12
#property indicator_plots 6
#property indicator_label1 "bulls"
#property indicator_type1 draw_line
#property indicator_color1 deepskyblue
#property indicator_style1 style_solid
#property indicator_width1 2.......
⚠ 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.