Relative Price Channel - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
MT4 version original indicator: https://www.mql5.com/en/code/22576
Since the MT4 functionality is limited to the method of drawing indicators, there are no color areas, but their borders are already present.
The RSI indicator is often used for trading decisions as well as level checking. The levels should show whether overbought or oversold conditions exist. But we often overlook the fact that the market is adjusting itself to price changes, and even after the market has adjusted itself, indicators like the RSI may actually be showing overbought and oversold conditions.
It uses the RSI and builds the high and low neutral zones using a simple EMA lag - in this case, the lag of the average is our ally - without adding that lag, the breakout will never happen. A "true" overbought or oversold condition is considered to be occurring when the RSI crosses its upper or lower bounds.
You can use this to detect possible reversal conditions.
Attachment download
📎 relative_price_channel.mq4 (3.12 KB)
Source: MQL5 #47961
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