RSI Candles with Keltner Channel - MetaTrader 5 Script - MT4/MT5 Resources
This indicator constructs RSI candles based on the RSI of the open, high, low, and close prices. These same values are then used to calculate the ATR (Average True Range) for such RSI values (the indicator does not use High, Low and Close, but instead uses RSI High, RSI Low and RSI Close for the "ATR" calculation) and then uses this value to display the Keltner Channel for such RSI candles (the average price used for the Keltner median is the average of the RSI High, Low, Open and Close).
You can use the breakout of the "Keltner Channel" as an indicator for short-term volatility/momentum estimates (since the RSI itself comes from the momentum indicator family).
Attachment download
📎 rsi_candles_with_keltner_channel.mq5 (12.86 KB)
Source: MQL5 #23094
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