Re: RSI Indicators for MT4
Posted: Thu Jan 30, 2020 6:50 pm
Thank you guys, I'm glad it is helpful!
The new channel indicator is close to what I intended but not completely accurate, let me explain how it should work (and how I use it).
Take this M1 chart as example, the min-max RSI value channels are there to display what the RSI looked like in the recent period, to spot divergences that were there, to make sure the RSI was in divergence (or not) during a certain candle while it was opened, take this M1 as example:
I connect the black (original, closed candles RSI) to the orange, and I can know if in the candles I connected (closed candle HAS to be connected with the wick of the other candle), the RSI was in divergence or not (this gives you an early signal that you can then confirm with price action or whatever you prefer).
This saves me the need to have my eyes glued to the screen during the whole candle to check if the RSI was in divergence at all times. It is like a "historic" of the recent RSI values (is not needed to have too much candles, to save calculations in the loop. Ideally the best would be to be able to choose the bars).
This is a comparison between both what I need and the current channel RSI, in the open of a M1 candle:
Now the close of the same candle:
I think the channels require a different loop (and an auto-set value to the RSI open candle value with every new candle), but not sure 100%.
I've tried to modify it myself to show you in the code, but don't attach it to a chart, it will hang the platform! Let's say my coding skills aren't the best
Thanks, and please ask me any question!
The new channel indicator is close to what I intended but not completely accurate, let me explain how it should work (and how I use it).
Take this M1 chart as example, the min-max RSI value channels are there to display what the RSI looked like in the recent period, to spot divergences that were there, to make sure the RSI was in divergence (or not) during a certain candle while it was opened, take this M1 as example:
This saves me the need to have my eyes glued to the screen during the whole candle to check if the RSI was in divergence at all times. It is like a "historic" of the recent RSI values (is not needed to have too much candles, to save calculations in the loop. Ideally the best would be to be able to choose the bars).
This is a comparison between both what I need and the current channel RSI, in the open of a M1 candle:
I've tried to modify it myself to show you in the code, but don't attach it to a chart, it will hang the platform! Let's say my coding skills aren't the best
Thanks, and please ask me any question!