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FTS Toolkit - RSI Returning Signal - Indicator showing significant RSI returning signals

Discussion in 'Forex Tactical Squad' started by Peter O, Jul 15, 2013.

  1. Peter O

    Peter O Special Consultant to the FPA

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    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:

    View attachment FPA=RSIReturningSignal.mq4

    (updated version - see below)​


    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.

    [​IMG]


    Settings and Parameters:

    You can open Properties window by right clicking indicator line and selecting the first menu item.

    [​IMG]

    On the Inputs tab you find input parameters:

    [​IMG]

    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.

    [​IMG]

    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.

    [​IMG]

    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.

    [​IMG]

    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:

    [​IMG]

    And you can change the sound file name here (using any from {MetaTrader4 folder}/sounds):

    [​IMG]

    Any feedback is very welcome!
     
    #1 Peter O, Jul 15, 2013
    Last edited: Aug 29, 2013
    knot777 likes this.
  2. theras2000

    theras2000 Recruit

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    Thanks for this Peter.
    But I can't seem to get it to work. The file is only 1Kb and consists of 1 long line of text when I open it up in MetaEditor.
    And when I drag the indicator on my chart nothing appears. Any ideas?
     
  3. Peter O

    Peter O Special Consultant to the FPA

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    1Kb is definitely too small. As I just checked it's 5,211 bytes.

    I just succeeded to download it with right click + 'Save link as...' plus it works fine in my other MT4.

    Let me try it as a forum attachment:

    View attachment FPA=RSIReturningSignal.mq4

    Please tell me how it works.
     
  4. theras2000

    theras2000 Recruit

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    Thanks Peter,
    That works fine.
     
  5. George Zerial

    George Zerial Private

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    same happened to me initially.
    Use Mozilla Firefox to download rather than Chrome or IE.
    Use it and all will be good.
     
  6. Peter O

    Peter O Special Consultant to the FPA

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    I tested all source code links and eventually I replaced all of them because I saw downloading issue in Firefox.

    Now I've tested new links and all worked fine for me in Firefox and Chrome as well.

    Peter
     
  7. George Zerial

    George Zerial Private

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    hi again Peter ... would it be possible to code for an email or sms via MT4.
    Ive set this indicator to display cross-overs at the 50% level... and Im using 4H as my timeframe, so it would be brilliant if when a cross-over line is drawn an email is sent ....

    just an idea..... and I love the indicator
     
  8. Peter O

    Peter O Special Consultant to the FPA

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    Hi George,

    Really good idea. I just need to figure out something for sending emails because in my experiences MT4 is not always reliable with it (probably not every smtp server allows it to do) - and actually I don't like to type my password in a third party application. Okay, I can create a new mailbox...

    I tell you when I've worked out something interesting.

    Peter
     
  9. z4x

    z4x Recruit

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    I really like this indicator! Sound alert is the only thing that's missing and would be appreciated very much.
    Thanks.
     
  10. Peter O

    Peter O Special Consultant to the FPA

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    Indeed, it's a nice feature in a signalling indicator so I just amended the source. See details above.
     

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