Moving AveragesRSI Indicators for MT4

RSI (Relative Strength Index) Indicators for Metatrader 4

What is the RSI indicator?

The RSI (Relative Strength Index) is a well established indicator classified as a "momentum based oscillator" which traders use to:
  • Measure the speed (velocity) of price movements.
  • Measure the change (magnitude) of directional price movements.
The indicator determines a value based on the cumulative strength and weakness of price, set in the input Price, over the period set in the input Length, which by default is a period of 14, which means it calculates the last 14 bars/candlesticks. Eg. On a daily chart a "14-period" RSI will calculate the last 14 days worth of price bars or candlesticks.

Often considered a trader's best friend, the RSI gathers:
  • The points won on candlesticks with higher Closes
  • The points lost on candlesticks with lower Closes
  • The "index" of these two sums
  • Plots and displays the results as a single line, bounded between a scale of 0 and 100.
Operating between a scale of 0 and 100, the closer RSI is to 0, the weaker the momentum is for price movements. The opposite is also true. An RSI closer to 100 indicates a period of stronger momentum.

The indicator provides a visual mean to monitor both the current, as well as historical, strength and weakness of a market. RSI has proven to be a reliable indicator of price movements.

The RSI is most well-known for it's ability to recognize market turning points (reversals).

On a Daily timeframe the RSI is the most accurate technical indicator for forecasting reversals, and not much else comes close to it

Compared to the Commodity Channel Index and Stochastic Oscillator, the RSI has more authority and feels stronger for picking tops and bottoms. Whereas the CCI and Stochastic overshoots and is more sensitive to price movement, the RSI maintains composure and only reacts to significant price changes when it really needs to.

On the standard setting of 14 periods, the market will:
  • Reverse to the downside when the RSI is above the 70 level.
  • Reverse to the upside when the RSI is below the 30 level.
Example: RSI shown on a ProRealTime Chart

Re: RSI Indicators for MT4

mladen wrote:This was posted already on some forums, but this is an upgraded version
Added :
the set of 22 price typesoption to have rsx of non lag ma (so, having an rsx(oma) of non lag ma)some internal code upgrade
Dearest MLADEN
A good addition in rsx IFT series with upgradation code and 22 prices.
Indicator is just a tool.

Use it only if it can benefit you. Leave it if you don't know how to use it optimally.

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