Fellow Squad Members,
Let me share with you this little RSI indicator that has a nice additional feature: it can translate to significant RSI returns to buy and sell signals.
It came into my mind that RSI signals are valuable not only in their value (when reaching a certain level like 30 or 70) but when they first come up to 40 after touching 30 (buy signal) or come down to 60 after touching 70 (sell signal).
So I wrote this modified RSI indicator that shows buy and sell signals accordingly. Bon Appétit!
Installation and starting:
Download source code from here:
This is a custom indicator code so you need to copy it to {MetaTrader4 folder}/experts/indicators folder and then start the trading platform (or close and restart if it was open). The tool will appear on Navigator panel (open from View menu) among Custom Indicators as FPA=RSIReturningSignal so just drag over your chart.
Settings and Parameters:
You can open Properties window by right clicking indicator line and selecting the first menu item.
On the Inputs tab you find input parameters:
Parameter: RSI_Period
Possible values: positive integer
RSI period of course.
Parameter: RSI_Activating_Level_for_Buys
Possible values: integer in RSI interval (0-100)
This level must be hit before signal triggers. This is like 'get ready' level.
Parameter: RSI_Signal_Level_for_Buys
Possible values: integer in RSI interval (0-100)
This level is the signal trigger. Signal triggers only if activation level (RSI_Activating_Level_for_Buys) was hit right before this level.
For Sell signals indicator uses the mirror values on the 0-100 scale.
You can participate:
Tell me and your Squad Members how you like it.
Tell me and your Squad Members how could it be better.
Tell me and your Squad Members if you have any problem while installing or using it.
Who wants to enter the Laboratory:
Right click on Navigator panel/Custom Indicators/FPA=BandwidthRatio and select Modify. MetaEditor opens up showing the full source code I've written for you.
On the first screen you find some hidden parameters like colors and styles (from line "string indicator_name = ..." to "color sell_signal_color = ...". You can change the values after the equal sign (you can use these color names just write them without spaces and be aware of case sensitivity) and even the default settings above them for the input parameters.
After modifying the code press F5 or Compile button on the top. If it writes "0 error(s),..." on the bottom, you have your own new version and you can start using it after going back to MT4 terminal.
Looking forward to hearing your feedback,
Peter
Thanks for z4x for the idea, I just implemented the sound alerts for signals generated by this indicator.
Everything remains but we have a new input variable:
And you can change the sound file name here (using any from {MetaTrader4 folder}/sounds):
Any feedback is very welcome!
Let me share with you this little RSI indicator that has a nice additional feature: it can translate to significant RSI returns to buy and sell signals.
It came into my mind that RSI signals are valuable not only in their value (when reaching a certain level like 30 or 70) but when they first come up to 40 after touching 30 (buy signal) or come down to 60 after touching 70 (sell signal).
So I wrote this modified RSI indicator that shows buy and sell signals accordingly. Bon Appétit!
Installation and starting:
Download source code from here:
This is a custom indicator code so you need to copy it to {MetaTrader4 folder}/experts/indicators folder and then start the trading platform (or close and restart if it was open). The tool will appear on Navigator panel (open from View menu) among Custom Indicators as FPA=RSIReturningSignal so just drag over your chart.
Settings and Parameters:
You can open Properties window by right clicking indicator line and selecting the first menu item.
On the Inputs tab you find input parameters:
Parameter: RSI_Period
Possible values: positive integer
RSI period of course.
Parameter: RSI_Activating_Level_for_Buys
Possible values: integer in RSI interval (0-100)
This level must be hit before signal triggers. This is like 'get ready' level.
Parameter: RSI_Signal_Level_for_Buys
Possible values: integer in RSI interval (0-100)
This level is the signal trigger. Signal triggers only if activation level (RSI_Activating_Level_for_Buys) was hit right before this level.
For Sell signals indicator uses the mirror values on the 0-100 scale.
You can participate:
Tell me and your Squad Members how you like it.
Tell me and your Squad Members how could it be better.
Tell me and your Squad Members if you have any problem while installing or using it.
Who wants to enter the Laboratory:
Right click on Navigator panel/Custom Indicators/FPA=BandwidthRatio and select Modify. MetaEditor opens up showing the full source code I've written for you.
On the first screen you find some hidden parameters like colors and styles (from line "string indicator_name = ..." to "color sell_signal_color = ...". You can change the values after the equal sign (you can use these color names just write them without spaces and be aware of case sensitivity) and even the default settings above them for the input parameters.
After modifying the code press F5 or Compile button on the top. If it writes "0 error(s),..." on the bottom, you have your own new version and you can start using it after going back to MT4 terminal.
Looking forward to hearing your feedback,
Peter
--–––––——————— UPDATE ———————–––––--
Thanks for z4x for the idea, I just implemented the sound alerts for signals generated by this indicator.
Everything remains but we have a new input variable:
And you can change the sound file name here (using any from {MetaTrader4 folder}/sounds):
Any feedback is very welcome!
Last edited by a moderator:
