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Re: RSI Indicators for MT4
Posted: Tue Aug 08, 2023 5:09 pm
by josi
Intrest 1 wrote: Tue Aug 08, 2023 4:54 pm
Maybe I'm wrong...
If you look at thousands of overbought and oversold signals and compare the ones which failed to the ones that work, you may find that "overbought" and "oversold" is a concept that overall does not work for Forex (especially during trending markets), i. e. does not really give you an edge.
(And if you turn "overbought" and "oversold" upside down - i. e. TR in the direction of the extreme hit - it still is the same concept,)
Lots of people use it, lots of people claim it works - I just haven't seen any trustworthy statistic (with a big enough corpus) that supports the thesis...
Re: RSI Indicators for MT4
Posted: Tue Aug 08, 2023 5:42 pm
by Intrest 1
josi wrote: Tue Aug 08, 2023 5:09 pm
If you look at thousands of overbought and oversold signals and compare the ones which failed to the ones that work, you may find that "overbought" and "oversold" is a concept that overall does not work for Forex (especially during trending markets), i. e. does not really give you an edge.
(And if you turn "overbought" and "oversold" upside down - i. e. TR in the direction of the extreme hit - it still is the same concept,)
Lots of people use it, lots of people claim it works - I just haven't seen any trustworthy statistic (with a big enough corpus) that supports the thesis...
Rsi is related to breakout indicators in the same way as the Kelner channel. I have not seen a more accurate trend reversal indicator than the classic standard rsi. Wilder recommended using it with a period of 14 on the daily charts and it really is the best option. You won't find a better trend reversal indicator than the rsi.
Re: RSI Indicators for MT4
Posted: Tue Aug 08, 2023 5:56 pm
by josi
Intrest 1 wrote: Tue Aug 08, 2023 5:42 pm
Rsi is related to breakout indicators in the same way as the Kelner channel. I have not seen a more accurate trend reversal indicator than the classic standard rsi. Wilder recommended using it with a period of 14 on the daily charts and it really is the best option. You won't find a better trend reversal indicator than the rsi.
I hear you and wish you a lot of success using it.
Your answer/claims just doesn't/don't address any of my objections.
Re: RSI Indicators for MT4
Posted: Tue Aug 08, 2023 9:18 pm
by 88FX88
Intrest 1 wrote: Tue Aug 08, 2023 4:54 pm
Maybe I'm wrong, but in my opinion, rsi is made to determine the trend reversal, which signals a reversal when the price breaks the level. Therefore, rsi is a trend indicator that works on the same principle as the Keltner channel. If you want to use the breakout of the 50 level, then it is easier for you to add an SMMA of the same period to the chart,
these signals match.
The best version is the standard rsi and all kinds of modifications only worsen the signals. You can verify this by looking at various versions of the indicator.
The only exception is Connors Rsi, because it is made for completely different purposes.
Very good indicator, thank you!
I don't know how it will give signals in the trend, but when it goes sideways, it's perfect. Arrows on the chart would be useful for quick scalping, ideally
Re: RSI Indicators for MT4
Posted: Tue Aug 08, 2023 9:53 pm
by sal
kvak wrote: Tue Aug 08, 2023 6:45 am
RSI trend histo as requested.
i am testing the hill/valley trades with RSI normal and your latest.
50rsi both
Re: RSI Indicators for MT4
Posted: Wed Aug 09, 2023 1:02 pm
by forrest85
dmnik wrote: Sun Aug 06, 2023 7:02 am
Doesn't draw!
Hello Guys,
It would be too good if we have alert function for this indy. I mean minimum mail alert. Could somebody do it? Thx
Re: RSI Indicators for MT4
Posted: Wed Aug 09, 2023 1:37 pm
by mrtools
forrest85 wrote: Wed Aug 09, 2023 1:02 pm
Hello Guys,
It would be too good if we have alert function for this indy. I mean minimum mail alert. Could somebody do it? Thx
The bands are using Tma centered which recalculates and any alerts or arrows would be useless.
Re: RSI Indicators for MT4
Posted: Thu Aug 10, 2023 8:23 am
by dmnik
slightly fixed removed redrawing = separate setting in the main window of the indicator and added signals
Re: RSI Indicators for MT4
Posted: Thu Aug 10, 2023 12:18 pm
by ChuChu Rocket
dmnik wrote: Thu Aug 10, 2023 8:23 am
slightly fixed removed redrawing = separate setting in the main window of the indicator and added signals
This is neat for scalping on 15M it's a goodie thank you for helping out with the recalculating bro. Our senior member dmnik has some hidden talents!
Re: RSI Indicators for MT4
Posted: Thu Aug 10, 2023 9:48 pm
by sal
RSI & STOCH 50 levels different periods is always twin boys ....
both gives a good results no doubt.. if strategy and rules made correctly
