4 Time Frame RCI slope
RCI = Rank Correlation Index aka Spearman Rank Correlation
Most traders use RCI(9), RCI(26), and RCI(52)
It is smoother than the Stochastic.
The Spearman Rank Correlation indicator for MetaTrader 4 was initially implemented from the field of statistics.
In 1904, Charles Spearman was able to design a statistical gauge for the strength of association between two variables, which obviously became the basis of the rank correlation coefficient, and was named after its creator (Spearman’s rank correlation coefficient).
The variable that is used in the calculation is the date, not the price, meaning prices are reflected in relation with their appearance during the session under watch, thereby accumulating a link between these two variables.
The SpearmanRankCorrelation indicator fluctuate above and below the zero signal level.
When the SpearmanRankCorrelation indicator is positive, it indicates a positive relationship between surging price and date.
Howbeit, if the SpearmanRankCorrelation indicator is negative, it indicates a dipping price while the date continues to surge (since it is impossible to find declining dates).
This presents an extreme negative relationship. Interpreting the SpearmanRankCorrelation indicator is similar to those of other oscillators.
Hence, if the line of the SpearmanRankCorrelation indicator breaks above the zero line, a buy is considered, while a sell is in place when the line of the SpearmanRankCorrelation indicator breaks below the zero line.
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What is slope?
Supposed the value of the current candle is 10 and the value of the previous candle is 5,
then it's an uptrend. The indicator will draw a green dot.
On the other hand, for MACD, if the value is over zero, then it's an uptrend and anything below zero is a downtrend.
So for MACD, we check for level 0, the median or middle level.
For this indicator, we check for the slope of going uphill or going downtrend.
