Stochastic RSI - MetaTrader 5 Script - MQL5 #541 - MT4/MT5 Resources

Stochastic RSI is a standard stochastic oscillator whose values ​​are not calculated based on price series, but on the relative strength index technical indicator values.

The standard RSI may not show market cycles or changes in volatility. When the market enters a trending state, RSI often fails to reach the appropriate level to trigger a position signal based on the trend direction. The implementation of the Stochastic Oscillator for RSI creates a dynamic indicator that better corresponds to its current volatility.

This indicator was inspired by John Ehlers' article "Using the Fisher Transform" published in the November 2002 issue of Technical Analysis of Stocks and Commodities magazine. The simplest way to use this indicator is exactly the same as the Stochastic Oscillator or RSI.

This indicator uses the SmoothAlgorithms.mqh library class (must be placed in the terminal data folder \MQL5\include). How to use the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 stochasticrsi.mq5 (8.74 KB)

Source: MQL5 #541