Delta_RSI – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • Real author:

    Tor

    Trend analyzer based on the difference of two RSI oscillators with different periods.

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    The indicator will be useful for those who analyze two RSI indicators with different periods (fast and slow), their relative positions, as well as the location of the slow RSI relative to the specified level (for example, 50).

    That is, if the slow RSI is greater than 50, and the fast RSI is greater than the slow RSI — paint the histogram in overbought color.

    If the slow RSI is less than 50, and the fast RSI is less than the slow RSI — paint the histogram in oversold color.

    Al settings can be customized: colors, signal level (50), periods of the slow and fast RSI, histogram display type.

    //+----------------------------------------------+
    //| Indicator input parameters                   |
    //+----------------------------------------------+
    input TypeGraph            TypeGr=Histogram; // Type graph
    //---
    input uint                 RSIPeriod1=14;    // Fast RSI Period
    input ENUM_APPLIED_PRICE   RSIPrice1=PRICE_CLOSE;
    //---
    input uint                 RSIPeriod2=50;    // Slow RSI Period
    input ENUM_APPLIED_PRICE   RSIPrice2=PRICE_CLOSE;
    //---
    input uint                 Level=50;         // Signal Level
    //---
    input int                  Shift=0;          // Horizontal indicator shift in bars
    

    The indicator has 5 buffers that can be used at your discretion.

    • 0 — Indicator buffer;
    • 1 — color indicator buffer with three color states;
    • 2 — RSI fast;
    • 3 — RSI slow;
    • 4 — Difference between two RSI (MACDRSI).

    Originally this indicator has been written in MQL4 and was first published in the Code Base on 27.09.2016.

    Fig1. Full histogram of the Delta_RSI indicator

    Fig1. Full histogram of the Delta_RSI indicator

    Fig.2. Shortened histogram of the Delta_RSI indicator

    Fig.2. Shortened histogram of the Delta_RSI indicator

  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window