RS I ST A R C
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 ST A R C
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
The indicator represents a combination of RSI and STARC (Stoller Average Range Channels), which is similar to indicator Bollinger Bands in its behavior: Its bands get narrower on stable markets and wider on volatile markets.
However, STARC is not based on close prices and it does not consider standard square deviation. It is calculated using average true range (ATR), providing more detailed information on market volatility.
The indicator has five input parameters:
RSI period
- RSI calculation period;
ATR period
- ATR period for calculating STARC;
Smoothing
- smoothing the central line of the STARC channel;
Top line multiplier
- multiplier of the channel top line (range upwards from the mean line);
Bottom line multiplier
- multiplier of the channel bottom line (range downwards from the mean line).
Calculations:
where:
