RSI Adaptive EMA Ribbon - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
background:
This indicator uses the RSI Adaptive EMA (originally published here: RSI Adaptive EMA ) to assess market conditions. Although it can be converted (and has been done) to MACD, the chart representation used for MACD calculations can help spot possible trend changes more easily
parameter:
Just the usual parameters: fast RSI period, slow RSI period and price used. Note that the fast period is faster than the slow period - from that point on, the results may be unpredictable (I didn't add code to check - assuming the user can do whatever s/he can do as part of the experiment)
A simple color change of two values indicates the possible start of a new trend and can be used as a signal
Attachment download
📎 rsi_adaptive_ema_ribbon.mq5 (10.66 KB)
Source: MQL5 #22278
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