ColorXRSI_Histogram – indicator for MetaTrader 5
The smoothed Relative Strength Index oscillator with the color indication of overbought/oversold level breakouts and of the histogram direction. Depending on the value of the indicator’s input parameter:
There are two variants of histogram coloring:
- Breakout of overbought/oversold levels;
- Change of direction.
For better histogram readability, the indicator is performed in zero relative symmetric form, and its values vary from -50 to +50.
The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was described in detail in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
Fig1. The ColorXRSI_Histogram indicator