RSI Improved Indicator
Info
The RSI Improved Indicator is a Indicator for MetaTrader 5 that this is a combined indicator, built on the basis of two rsi oscillators. Indicator DescriptionThis indicator calculates the value of the RSI indicator with the RSI period and the value of RSI with the rotated period.
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 RSI Improved Indicator
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
This is a combined indicator, built on the basis of two RSI oscillators.
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: Previous Day High, Low, and Close Indicator - another powerful indicator for MetaTrader 5 traders.
This is a combined indicator, built on the basis of two RSI oscillators.Also recommended: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator for MetaTrader 5 - similar indicator with strong performance on MetaTrader 5.
Indicator Description
This indicator calculates the value of the RSI indicator with the RSI period and the value of RSI with the rotated period. Then it turns the rotated RSI 180 degrees relative to the level of 50 points (100-RSI). It finds the difference between the original value of the first indicator and the inverted value of the second one. Then it calculates the derivative of this difference.
Indicator Components
The colored cloud is formed from two RSI indicators.
A gray histogram is the difference between the original value and the inverted value.
An orange line is a derivative of the histogram (the rate of change of the difference between the original value and the inverted value).
Figure 1. The RSI Improved Indicator
You may also like: Session High-Low Indicator for MetaTrader - excellent alternative for indicator users on MetaTrader 5.
Source Code
#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 description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_plots 3
#property indicator_type1 draw_filling.......
⚠ 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.