wilson relative price channel
Info
The wilson relative price channel is a Indicator for MetaTrader 5 that the channel is based on the classic rsi and displays three zones, including the overbought zone, the oversold zone and the neutral zone, which is between the overbought and oversold zones. suitable for higher timeframes starting with daily.
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 wilson relative price channel
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 channel is based on the classic rsi and displays three zones, including the overbought zone, the oversold zone and the neutral zone, which is between the overbought and oversold zones.
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: Relative Moving Average (RMA) Indicator for MT5 - another powerful indicator for MetaTrader 5 traders.
the channel is based on the classic rsi and displays three zones, including the overbought zone, the oversold zone and the neutral zone, which is between the overbought and oversold zones. suitable for higher timeframes starting with daily.
Also recommended: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - similar indicator with strong performance on MetaTrader 5.
the indicator has 9 input parameters:channels period
- period for calculating the channels;
period of smoothing
- smoothing period;
overbought level
- rsi overbought level;
upper level of neutral zone
- the upper level of the neutral zone (equal to the lower level of the overbought zone);
lower level of neutral zone
- the lower level of the neutral zone (equal to the upper level of the oversold zone);
oversold level
- rsi oversold level;
applied price
- rsi calculation price;
color of overbought zone
- the color of the overbought zone cloud;
color of oversold zone
- the color of the oversold zone cloud.
fig.1 wrpc on the daily chart
fig.2 wrpc on the weekly chart
fig.3 wrpc on the monthly chart
You may also like: relative strength index of volatility - 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.