RSI_Histogram_Vol - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources

This Relative Strength Index uses volume to display the oscillator as a color histogram.

Calculation formula:

 RSI histogram volume = (RSI - 50) * volume

For perfectly understandable reasons, the same formula should be used to recalculate overbought and oversold levels in such modified oscillators. In the final version, these levels are no longer permanent. Two levels with appropriate breakout indications are used.

 Enter an integer High level 2 = + 20 ; // Overbought level 2
Enter an integer High level 1 = + 15 ; // Overbought level 1
Enter an integer low level 1 = - 15 ; // oversold level 1
Enter an integer low level 2 = - 20 ; // Oversold level 2

In the indicator input parameters, these levels are shifted by the 50 level of the source RSI, then multiplied by the volume of each indicator tick.

Figure 1. RSI_Histogram_Vol indicator

Attachment download

📎 rsi_histogram_vol.mq5 (24.19 KB)

Source: MQL5 #21831