rs idiv candle
Info
The rs idiv candle is a Indicator for MetaTrader 5 that rickdthe rsidivcandle indicator. colors the candles based on the rsi oscillator:blue — rsi is in the overbought area; dodger blue — rsi is above the 50 level and outside the overbought and oversold areas; purple — rsi is below the 50 level and outside the overbought and oversold areas; red — rsi is in the oversold area.
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 idiv candle
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
rickdthe rsidivcandle indicator.
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: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora Candle Countdown MT5: Professional Real-Time Candle Timer - similar indicator with strong performance on MetaTrader 5.
rickdthe rsidivcandle indicator. colors the candles based on the rsi oscillator:
blue — rsi is in the overbought area;
dodger blue — rsi is above the 50 level and outside the overbought and oversold areas;
purple — rsi is below the 50 level and outside the overbought and oversold areas;
red — rsi is in the oversold area.
fig.1. the rsidivcandle indicator
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 1
#property indicator_type1 draw_color_candles
#property indicator_color1 clrred,clrpurple,clrgray,clrblue,clrdodgerblue
#property indicator_label1 "rsidivcandle open;rsidivcandle high;rsidivcandle low;rsidivcandle close".......
⚠ 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.