RS I Candle
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use RS I Candle
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.
Description & Settings
The RSI indicator implemented as candlesticks with indication of breaking the overbought and oversold areas. Candlesticks appear as a result of relevant price timeseries processed by the RSI algorithm. In many situations, such approach may be more informative for the purpose of analysis.
If the growing candle has a High above the overbought level, then it is painted in dark blue. If the growing candle crosses the oversold level or touches it from above, its color will also be painted in dark blue. Similarly, the opposite is for falling candles in bright red color. In other cases, the color of candles is pale.
Fig.1. The RSICandleV2 indicator
