rs o, relative strength oscillator
Info
The rs o, relative strength oscillator is a Indicator for MetaTrader 5 that i added colored bars just for more clarity. green bars show increasing of rsoand red bars show decreasing.
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 o, relative strength oscillator
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
i added colored bars just for more clarity.
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: Relative Moving Average (RMA) Indicator for MT5 - similar indicator with strong performance on MetaTrader 5.
i added colored bars just for more clarity. green bars show increasing ofrso
and red bars show decreasing.
rso
or
rsi
curves cannot show little changes, while colored bars can. for example when
rso
is over 20, first red bar reveals direction change. as you can see,
rso
with bars is more comprehensible with just a glimpse.
fig 1. rso indicator
sequential green/red bars indicate that we should wait more for direction change. as showed in following picture,
rso
is around 20 and starts to decrease. without bars warning, we may be convinced to open a short position. however sequential opposite color bars is a good indicator alert to aware us do not do anything.
fig 2. rso sequential color change
i used metaquotes
rsi
source code as a base to recode
rso
.
You may also like: Volume Strength Compass by Bhanu Code Lab - excellent alternative for indicator users on MetaTrader 5.
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 description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 5
#property indicator_plots 2
#property indicator_minimum -50
#property indicator_maximum 50
#property indicator_level1 -20.......
⚠ 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.