RSIOMA

RSIOMA MetaTrader indicator — this indicator takes two moving averages calculates their RSI (Relative Strength Index) and then also adds a moving average of the calculated RSI. These two lines now can accurately signal the trend changes. They are shown in the separate window where they change from 0 to 100. Additional histogram indicator is shown for quick reference below the lines.

Input parameters:

• 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.

On the picture the bold blue line is RSI of the moving averages, the thin violet line is its moving average. RSI above MA and RSI above level 50 is a signal of a bullish trend. RSI below MA and RSI below level 50 is a signal of a bearish trend. One can also buy when the RSI breaks level 20 from below and sell when RSI breaks level 80 from above, but those are weaker signals. Histogram provides quick reference. Green lines signal BUY, red signal SELL, magenta mean overbought, blue mean oversold.

Downloads:

RSIOMA in .zip

RSIOMA in .mq4

Discussion:

Warning! Before you ask any basic questions regarding installation of the indicators, please, read this MetaTrader 4 Indicators Tutorial or MetaTrader 5 Indicators Tutorial to get the elementary knowledge on handling them.

Do you have any suggestions or questions regarding this indicator? You can always discuss RSIOMA with the other traders and MQL programmers on the indicators forums.