RSIOMA_V2 - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Trend indicators using the oscillation algorithm are drawn in the form of colored clouds with additional indications.

Color histograms define trends by finding the boundaries of colored clouds that exceed levels:

 Input unit main trend length = 60 ; // upper trigger level
Enter Unit Main Trend Short = 40 ; // Lower trigger level

When the colored cloud exceeds the level boundary:

 Input unit buy trigger = 80 ; // buy level
Input unit sell trigger = 20 ; // sell level

Colored dots appear when the direction of the cloud's fast envelope is opposite to the breakout level. For example, if the Fast Envelope is above Buy and is falling, a pink dot will appear.

The indicator uses the SmoothAlgorithms.mqh library class (must be copied to terminal_data_folder\MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.

The indicator was originally written in MQL4 and first published in the code base on March 11, 2008.

Figure 1. RSIOMA_V2 indicator

Attachment download

📎 smoothalgorithms.mqh (134.03 KB)

📎 rsioma_v2.mq5 (14.26 KB)

Source: MQL5 #2136