Staircase Chart of Average RSX - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The RSX (Relative Strength Quality Index) indicator (originally developed by Mark Jurik) is a well-known and widely used indicator due to its versatility. Sometimes it is used sequentially in combination with certain filtering methods (mainly level crossings) to avoid some of the false signals that RSX can produce in certain market conditions. This is another version that will try to solve the problem of using two filters on this version of RSX

This version uses the step map as a filter to reduce the signals generated by RSX and (if possible) make it easier and safer to use. The step size should be entered as your desired RSX % to be used as a filter for the smallest RSX change that should be considered a significant change. It can also perform price filtering using average values ​​for stochastic calculations. This allows RSX to be "double filtered" (filter the price before using it in the RSX calculation and then use the step chart filter on the calculated RSX result). The average is available in this version:

You can use the color change of the step bar as a signal

Attachment download

📎 step_chart_-_rsx_of_average.mq5 (19.28 KB)

Source: MQL5 #22394