RSICandleV2 - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The RSI indicator is implemented in the form of candlesticks, indicating breakouts of overbought and oversold areas. Candlestick charts are the result of the RSI algorithm processing related price time series. In many cases, this approach may provide more information for analytical purposes.
If the highest price of a growing candle is above the overbought level, it will be colored dark blue. If the growing candle crosses the oversold level or touches it from above, its color will also be colored dark blue. Likewise, the opposite is true for bright red descending candles. In other cases, the color of the candle is pale.
Figure 1. RSICandleV2 indicator
Attachment download
📎rsicandlev2.mq5 (7.61 KB)
Source: MQL5 #16202
RSICandleV2 - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resource usage and screening suggestions
RSICandleV2 - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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