RS I Overlay
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. 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 Overlay
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
Indicator RSI Overlay displays the chart as colored candles in accordance with the data of oscillator RSI.
It has five adjustable parameters:
Data RSI Compare mode
- RSI data comparison mode
RSI vs level 50
- RSI line as referred to level 50
RSI vs OB/OS levels
- RSI line as referred to the overbought/oversold levels
Current and previous RSI values
- comparing the current and previous values of the RSI line
RSI period
- RSI calculation period
RSI applied price
RSI overbought
- RSI overbought level
RSI oversold
- RSI oversold level
RSI vs level 50
:
If the RSI line is above level 50,then the bullish candle is displayed in greenthe bearish candle is displayed in light-green
If the RSI line is below level 50,then the bearish candle is displayed in redthe bullish candle is displayed in light-red
RSI vs OB/OS levels
:
If the RSI line is above the overbought level,then the bullish candle is displayed in greenthe bearish candle is displayed in light-green
If the RSI line is below the oversold level,then the bearish candle is displayed in redthe bullish candle is displayed in light-red
In all other cases, the candle is gray
Current and previous RSI values:
If the RSI values grow,then the bullish candle is displayed in greenthe bearish candle is displayed in light-green
If the RSI values fall,then the bearish candle is displayed in redthe bullish candle is displayed in light-red
In all other cases, the candle is gray
Fig. 1. RSI Overlay + RSI. Data RSI Compare mode = RSI vs level 50
Fig. 2. RSI Overlay + RSI. Data RSI Compare mode = RSI vs OB/OS levels
Fig. 3. RSI Overlay + RSI. Data RSI Compare mode = Current and previous RSI values
