rs i Сandles - smoothed with trend envelopes
Info
The rs i Сandles - smoothed with trend envelopes is a Indicator for MetaTrader 5 that (rsi that calculates rsi of high, low, open and close and displays those values as candles) with an addition of trend envelopes. since the trend envelopes are used on the set of open, high, low and close price it only seems logical that it can be applied to this type of indicator (that has the equivalent of all those prices).
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
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 rs i Сandles - smoothed with trend envelopes
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
(rsi that calculates rsi of high, low, open and close and displays those values as candles) with an addition of trend envelopes.
Typical Use Case
This Indicator excels in trend following 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: AIS Smoothed Linear Trend Indicator - another powerful indicator for MetaTrader 5 traders.
(rsi that calculates rsi of high, low, open and close and displays those values as candles) with an addition of trend envelopes.
Also recommended: heiken ashi smoothed indicator - similar indicator with strong performance on MetaTrader 5.
since the trend envelopes are used on the set of open, high, low and close price it only seems logical that it can be applied to this type of indicator (that has the equivalent of all those prices). results are logical and adding trend envelopes to such an rsi seems to be helping in assessing trend based on rsi candles indicator. some experimenting is advised before using it in live trading.You may also like: smoothed accelerator indicator - 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.