Synthetic RSI
Info
The Synthetic RSI is a Indicator for MetaTrader 5 that the concept behind this indicator is straightforward:instead of relying on a single rsi, the indicator utilizes three instances of rsi. These three RSI instances are then employed to derive a 'synthetic' value, which is not merely an average of the three, as the calculation method differs from a standard average.
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 Synthetic RSI
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
The concept behind this indicator is straightforward:Instead of relying on a single RSI, the indicator utilizes three instances of RSI.
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: heiken-ashi indicator: a synthetic candlestick approach - another powerful indicator for MetaTrader 5 traders.
The concept behind this indicator is straightforward:Also recommended: iSpread: Synthetic Symbol Creation and Analysis for Pair Trading - similar indicator with strong performance on MetaTrader 5.
Instead of relying on a single RSI, the indicator utilizes three instances of RSI.
These three RSI instances are then employed to derive a 'synthetic' value, which is not merely an average of the three, as the calculation method differs from a standard average.
Additionally, the prices undergo pre-filtering before being used in the RSI calculation. If you prefer to bypass this filtering step, set all EMA periods to less than or equal to 1.
You may also like: PCA Synthetics: Advanced Portfolio Coefficient Calculation - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.