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

This indicator is a modified version of the Relative Strength Index (RSI) that can be placed on a chart with another time frame. It also allows the user to change the smoothing algorithm for RSI and signal lines.

The main difference between this indicator and its standard equivalent is that the smoothing algorithm can be changed by selecting the appropriate one of the ten existing algorithms:

It should be noted that the Phase parameter has completely different meanings for different smoothing algorithms.

Naturally, some smoothing variants require some different interpretations of the indicator signals. Representing oversold/overbought levels in Bollinger Bands based on dynamically changing variables provides them with more accurate work.

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.

Place the XRSX_BB indicator into terminal_folder\MQL5\Indicators.

XRSX_BB_HTF

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 xrsx_bb.mq5 (15.14 KB)

📎 xrsx_bb_htf.mq5 (15.7 KB)

Source: MQL5 #1003