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

This indicator is a modified variant of the indicator Relative Strength Index (RSI) .

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. Oversold/overbought levels are expressed in dynamically changing variables based on Bollinger Bands® which provide 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.

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 xrsx.mq5 (12.01 KB)

📎 xrsx_.mq5 (8.21 KB)

📎 xrsx_bb.mq5 (15.38 KB)

Source: MQL5 #488