RSIOMA MetaTrader indicator | FREE Forex Trading Indicator
RSIOMA MetaTrader indicator this indicator calculates the RSI (Relative Strength Index) of two moving averages and then adds a moving average of the calculated RSI. These two lines can now accurately signal changes in the trend. They are displayed in a separate window and range from 0 to 100. Below the lines, an additional histogram indicator is shown for quick reference.
- RSIOMA (default = 14) — the period of the RSI and the moving averages that are used to calculate the RSI. Increase for smoothness, decrease for signal frequency.
- RSIOMA_MODE (default = MODE_EMA) — mode of the moving averages used for RSI.
- RSIOMA_PRICE (default = PRICE_CLOSE) — price levels used to calculate moving averages that are used for RSI.
- Ma_RSIOMA (default = 21) — the period of the moving average of the RSI.
- Ma_RSIOMA_MODE (default = MODE_EMA) — the mode of the moving average of the RSI.
- Other parameters — configure the color settings and the trigger levels for the lines. It’s highly recommended not to change them.
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On the graph, the bold blue line represents the RSI of the moving averages, while the thin violet line represents its moving average. A bullish trend is indicated by an RSI above the MA and an RSI above level 50. A RSI below the MA and an RSI below 50 indicate a bearish trend. These are weaker signals than buying when the RSI breaks level 20 from below and selling when the RSI breaks level 80 from above. The histogram is useful for quick reference. Green lines indicate BUY, red lines indicate SELL, magenta lines indicate overbought, and blue lines indicate oversold.
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