rs i filter
Info
The rs i filter is a Indicator for MetaTrader 5 that rsi that is intended to be used as a filter. 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 barlower — when there is a clear break bellowe level 30 and when the state is inherited from the previos barneutral — when the value is floating between the 40 to 60 values.
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 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.
What this tool does
rsi that is intended to be used as a filter.
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: Alpha Beta Trend Filter with Multi-Timeframe Matrix Dashboard - another powerful indicator for MetaTrader 5 traders.
rsi that is intended to be used as a filter.Also recommended: institutional kalman filter: dynamic true price estimation - similar indicator with strong performance on MetaTrader 5.
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.
You may also like: macd institutional: high-volume activity filter - 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 2
#property indicator_plots 1
#property indicator_label1 "rsi filter"
#property indicator_type1 draw_color_histogram
#property indicator_color1 clrdeepskyblue,clrpalevioletred,clrdimgray
#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.