RSI Filter - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
It is checking the status of the RSI (comparing it to levels 30 and 70), and based on the breakout of these levels, plots the 3 statuses of the indicator:
In this way, the RSI value is filtered a little more. Indicators can be applied to other indicators as well, and certain combinations seem interesting (for example, it might be interesting to apply this filter to momentum).
P.S. RSI with shorter periods should be used (longer period RSI tends to break the 30 and 70 levels less often, which may limit its use - as is always recommended: regular RSI should be used with shorter periods - up to period 10 is a consensus).
This indicator can be used with other indicators.
Attachment download
📎 rsi_filter.mq5 (3.57 KB)
Source: MQL5 #16770
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