Average RSI using Double Smoothed Wilder EMA - MetaTrader 5 Script - MT4/MT5 Resources
The basic idea of this indicator is described below: RSI - Double Smoothed Wilder EMA . This version extends it to the Rsi(oma) (RSI of the Moving Average) that we have known for a long time. This version makes it possible to use one of the commonly used averages instead of using the "raw" price (the average used can be SMA, EMA, SMMA or LWMA) and apply a double smoothed Wilder EMA in the RSI calculation itself
It can be used as any regular RSI(oma)
Attachment download
📎 rsi9omax_lds5.mq5 (12.05 KB)
Source: MQL5 #24123
Average RSI using double-smoothed Wilder EMA - MetaTrader 5 script usage and screening recommendations
Average RSI using Double Smoothed Wilder EMA - MetaTrader 5 Script is a resource related to Forex indicators. 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 only on titles or short-term profit descriptions.
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