RSI_BARS - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The indicator changes the bar color to the color based on the calculated current trend Relative Strength Index technical indicator.
If the trend and candlestick directions match, the color of the bar is light, if they are opposite, the bar is dark.
Trend strength is determined by whether the RSI indicator exists in overbought or oversold zones, the levels of which are determined by the indicator input parameters:
Input unit High level = 55 ; // Overbought level Input unit low level = 45 ; // oversold level
If the RSI is outside these areas, the bar will not be drawn.
Figure 1. RSI_BARS indicator
Attachment download
📎 rsi_bars.mq5 (6.49 KB)
Source: MQL5 #2122
RSI_BARS - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening suggestions
RSI_BARS - 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 on titles or short-term profit descriptions.
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