RSI Candles with Trend Envelope - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
RSI candles (RSI calculates the RSI of the highest, lowest open and close prices and displays these values as candles) and trend envelopes.
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_with_trend_envelopes.mq5 (15.15 KB)
Source: MQL5 #21005
RSI Candles with Trend Envelope - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
RSI Candles with Trend Envelope - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 resources are resources related to Forex indicators. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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