RS I Summed
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 Summed
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
Theory :
The theory of this indicator is simple :
It takes nnn RSI values specified by periods parameter and checks if all the nnn rsi values are above or bellow the required value. If they are above, it shows it as state up, if all are bellow the desired low level, it shows it as state down, otherwise it shows it as neutral state. One may argue that that state can be obtained by checking the slowest rsi only, but in some cases it is not so (it largely depends on the periods used) hence the indicator does it for all the specified RSI values
Periods used can be specified as a list separated by ":". Default is 14;15;16;17;18;19;20;21
Usage :
You can use the color change as signals
PS: example compared to the used RSIs
