RS I Filter
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 Filter
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
It is checking states of RSI (comparing it to levels 30 and 70) and, depending on the breaks of those levels, 3 states of the indicator are plotted:
upper — when there is a clear break above level 70 and when the state is inherited from the previos bar
lower — when there is a clear break bellowe level 30 and when the state is inherited from the previos bar
neutral — when the value is floating between the 40 to 60 values.
This way, the values of RSI are filtered a bit more. Indicator can be applied to other indicators too, and some combinations seem to be interesting (applying this filter to momentum can be interesting, for example).
PS:
shorter period of RSI should be used (longer periods of RSI tend to break 30 and 70 levels in fewer occasions and that might limit it in usage — as it is always advised: regular RSI should be used with short periods — up to period 10 is a sort of consensus).
This indicator can be used together with another indicators.
