Forex RSI Filter Indicator

Forex RSI Filter Indicator:

The indicator changes color of bars in a separate window. It is changed to the color of the current trend calculated based on the RSI technical indicator.

If the trend and candlestick direction match, the color of the bar is light, if opposite, the bar is dark.

Trend strength is determined by the presence of the RSI indicator in overbought or oversold areas whose levels are determined by the indicator input parameters:

input uint HighLevel=55; // Overbought level
input uint LowLevel=45; // Oversold level

If the RSI is outside these areas, the bar is painted in light gray.

Test results:

Forex RSI Filter Indicator

Copy and paste the file into the MQL5 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL5 > Indicators (paste here)

Other forex trading Expert Advisors

Leave a Comment