RS I Floating Levels
Info
The RS I Floating Levels is a Indicator for MetaTrader 5 that the relative strength index (rsi) is a valuable tool, but it has a limiting characteristic known as the 'flattening property'. The issue is that longer RSI periods result in a flatter RSI, rendering the same levels less effective for different RSIs.
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 Floating Levels
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
The Relative Strength Index (RSI) is a valuable tool, but it has a limiting characteristic known as the 'flattening property'.
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: Session Range Breakout: Asia, London, and New York High/Low Levels - another powerful indicator for MetaTrader 5 traders.
The Relative Strength Index (RSI) is a valuable tool, but it has a limiting characteristic known as the 'flattening property'. The issue is that longer RSI periods result in a flatter RSI, rendering the same levels less effective for different RSIs. This indicator aims to address this problem by adapting to changes in RSI ranges and marking trading levels accordingly.Also recommended: Basket Break-Even Levels: Buy, Sell, and Net with Target Price - similar indicator with strong performance on MetaTrader 5.
By keeping levels within a usable range, the indicator transforms the RSI into a trending indicator, mitigating the flattening issue. This approach extends the RSI's utility and allows for the use of longer RSI periods without losing signals.
Features include filled arrays for overbought and oversold zones, various RSI calculation methods (regular RSI, Wilder's RSI, RSX, and Cutler's RSI), and Jurik smoothing for RSI values.
The 'floating' levels enable the use of extended RSI periods, providing a fresh perspective on this classic indicator.
You may also like: Stop Distance Indicator: Bar Range and Suggested Stop Levels - 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 6
#property indicator_plots 5
#property indicator_label1 "rsi ob/os zone"
#property indicator_type1 draw_filling
#property indicator_color1 c'221,247,221',clrmistyrose
#property indicator_label2 "rsi up level"
#property indicator_type2 draw_line.......
⚠ 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.