RSI Сandles - Smoothing with Trend Envelopes - MetaTrader 5 Script - MT4/MT5 Resources

RSI candles (RSI calculates the RSI of high, low, open and close prices and displays these values ​​as candles) and trend envelopes.

This version has an additional option to filter (smooth) the price before using it in the RSI calculation (this essentially makes it an average of the RSI). The averages available for smoothing/filtering are SMA, EMA, SMMA and LWMA. If you wish to avoid price smoothing/filtering, simply set the smoothing period to less than or equal to 1 and no smoothing/filtering will occur regardless of the smoothing type.

Since the trend envelope is used for the set of open, high, low and close prices, it seems logical that it can be applied to such indicators (with equivalents for all these prices). The results are logical, and adding trend envelopes to such RSI seems to help evaluate trends based on the RSI candle indicator. It is recommended to do some experimentation before using it in live trading.

Attachment download

📎 rsi_candles_-_smoothed_-_with_trend_envelopes.mq5 (20.92 KB)

Source: MQL5 #21006