RTL - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
The Recursive Trend Line (RTL) indicator displays trends as recursive lines.
It has two parameters:
Calculation formula:
RTL[i] = (1 - Alpha)*RTL[i-1] + Alpha*(price[i] + b0[i] - b0[i-1]), TOSC[i] = (RTL[i] - EMA(period, price))
Where
Alpha = 2/(Period + 1) b0[i] = (1 - Alpha)*b0[i-1] + price[i]
Possible interpretation: if the line is below the price - buy, if the line is above the price - sell.
Attachment download
📎rtl.mq5 (8.12 KB)
Source: MQL5 #20271
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