Synthetic RSI - MetaTrader 5 Script - MQL5 #16685 - MT4/MT5 Resources

The name of the Composite RSI can be a bit misleading.

Composite RSI is not a "synthetic" RSI, but a fairly new method of calculating RSI. Unlike the RSI, which is a momentum indicator, the Composite RSI is more of a trend indicator. It tends to filter out insignificant price changes and seems to do a good job of identifying underlying trends

As an aid to filtering "trends", this version adds floating levels (intended to make important levels typically used for trend discovery dynamic rather than static) and allows for multiple price pre-filtering modes. In addition, it includes alerts and is already a multi-timeframe indicator (it does not require any other files - it is a single-file multi-timeframe indicator) and is one of a series of indicators for Metatrader 5 that will be made into single-file, full-fledged indicators containing all the usual options that we are already accustomed to when it comes to important Metatrader 4 codes.

Attachment download

📎 composite_rsi_1_6.mq5 (19.81 KB)

Source: MQL5 #16685