Corr RS I
Info
The Corr RS I is a Indicator for MetaTrader 5 that this is the "corrected" version of rsi, offering calculations for the standard 7 types of rsi:- cuttler's rsi- ehlers' smoothed rsi- harris' rsi- rapid rsi- rsi - rsx- slow rsithe "correction" feature can be enabled or disabled, utilizing a "correction" period. Additionally, 4 types of color/trend/state changes are provided.
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 Corr 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
This is the "corrected" version of RSI, offering calculations for the standard 7 types of RSI:- Cuttler's RSI- Ehlers' Smoothed RSI- Harris' RSI- Rapid RSI- RSI - RSX- Slow RSIThe "correction" feature can be enabled or disabled, utilizing a "correction" period.
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: Multi-Symbol Correlation Divergence Meter - another powerful indicator for MetaTrader 5 traders.
This is the "corrected" version of RSI, offering calculations for the standard 7 types of RSI:Also recommended: Rolling Return Autocorrelation Regime Oscillator - similar indicator with strong performance on MetaTrader 5.
- Cuttler's RSI
- Ehlers' Smoothed RSI
- Harris' RSI
- Rapid RSI
- RSI
- RSX
- Slow RSI
The "correction" feature can be enabled or disabled, utilizing a "correction" period. Additionally, 4 types of color/trend/state changes are provided. While similar to Step RSI, it is important to note that these are distinct indicators and should not be confused.
Users have the option to enable or disable the "correction" and select the criteria for identifying trends or overbought/oversold conditions based on:
- Slope change
- Outer levels cross
- Middle level ("fake zero line") cross
- Original RSI value cross, where RSI serves as a signal line
Experimentation with the usual parameters is recommended. The above example is illustrated on a larger scale.
You may also like: Portfolio Correlation and Margin Risk Calculator - excellent alternative for indicator users on MetaTrader 5.
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.