Random Walk Index - MetaTrader 5 Script - MQL5 #6990 - MT4/MT5 Resources
The Random Walk Index indicator is used in situations where it is necessary to determine whether a market instrument is trending or making random movements within a trading range.
The indicator attempts to achieve this by first defining the trading range of the market instrument. The next step is to calculate a series of RWI indices over the longest analysis period. The maximum index change relative to RW is used as the current index. If the high point RWI > 1, the market forms an upward trend; if the low point RWI > 1, the market forms a downward trend.
The indicator was first implemented in MQL4 and released in the code base on December 21, 2006.
Figure 1. RWI indicator
Attachment download
📎 smoothalgorithms.mqh (134.03 KB)
📎 rwi.mq5 (16.33 KB)
Source: MQL5 #6990
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