Tuli RSI Auto - MetaTrader 4 Script | Trading Script Download - MT4/MT5 Resources

This is the automatic gain version of the Figurelli RSI, so the input parameters are the same as the original Welles Wilder RSI (i.e. period settings).

This indicator calculates the gain value based on the minimum and maximum values ​​within the sample and programming period.

The two images below provide a better understanding of the adjustments and indicators using period 14 and period 30. The original Welles Wilder RSI (blue) is compared to the Figurelli RSI (red) using the same period.

For period 14, the automatic adjustment of the gain parameter is 1.4 (for EUR/USD H1). Note that the Figurelli RSI (red) automatic gain adjustment shows a small difference at 30 or 70 arrival points, so the gains are relevant even at smaller periods.

For period 300, the automatic adjustment of the gain parameter is 6.7 (for EUR/USD H1). Note that the Welles Wilder RSI (blue) never reaches levels of 30 or 70 over long periods of time compared to the Figurelli RSI (red) using the same period.

Note that the indicator name has period and gain values. For example, Figurelli RSI Auto (300, 6.7) represents a period of 300 and a gain of 6.7 in the figure above.

Attachment download

📎 Figurelli_RSI_Auto.mq4 (3.62 KB)

Source: MQL5 #10543