rs i floating levels
Info
The rs i floating levels is a Indicator for MetaTrader 5 that as useful rsi is, one property it has is limiting its usefulness - the "flattening property". with rsi the problem is that the longer the rsi period is, the flatter the rsi is.
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
as useful rsi is, one property it has is limiting its usefulness - 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: Value Area Levels Indicator - another powerful indicator for MetaTrader 5 traders.
as useful rsi is, one property it has is limiting its usefulness - the "flattening property". with rsi the problem is that the longer the rsi period is, the flatter the rsi is. it is obvious that same levels are not worth using for both rsis and that the lower will almost never reach those levels. it is also obvious that rsi tends to "work" within certain range of values depending on its length. and that is the idea of the attached indicator: to use that range as a basis for levels and to adapt itself to changes in those ranges to mark the trading levels.Also recommended: SMMA Levels MTF Indicator - similar indicator with strong performance on MetaTrader 5.
it is obvious that all of a sudden rsi can be a trending indicator (since even on longer calculating lengths levels are kept at usable values) and that the problem of flattening is, at least in its bigger part, solved this way. that way it is giving a bit of a "new life" to the good old rsi.added the filled array for overbought and oversold zones. also added choices of rsi calculation (the "regular" rsi, wilder's rsi, rsx and cuttler's rsi) as well as jurik smoothing to the rsi value. just one additional observation: since the levels are "floating in this one and since that way the "flattening effect" is avoided in the greatest part of it, it is interesting to use long rsi periods for calculation too without losing "signals".
You may also like: Tirone Levels: Support and Resistance Indicator - 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.