Re: MT4 Indicator requests and ideas

18574
Dear MrTools,
I am continuing on with another indicator idea regarding the OMA RSI 50-line cross.
The last one you made last night is very nice, by the way.
In theory, this should also work and I'm not sure if it's been made before.
This will be used to catch clear bursts of momentum according to the trend.

When the OMA RSI is above 50 and moving vertically (or also sideways and not declining), then a small buy arrow will be drawn on the chart AND the candles will be painted a buy color.
And vice-versa for a sell...
When the OMA RSI is below 50 and pointing downward (or also sideways and not advancing), then a small sell arrow will be drawn on the chart AND the candles will be painted a sell color.
There will also be neutral candlestick signals drawn using a neutral color (light gray for buy candles in a downtrend and dark gray candles for a sell in an uptrend)...
For example...
When the OMA RSI is above the 50-line, yet it's pointing downward, then a neutral-sell color (dark gray) will be displayed in the candles.
When the OMA RSI is below the 50-line, yet it's pointing upward, then a neutral-buy color (light gray) will be displayed in the candles.

In theory, it's simply distinguishing bursts of momentum and retracements. Let me know what you think. Thanks.
My goal is to make advanced algorithm strategies, coded and simplified.
Trading psychology and ease-of-use are top priorities.

-GoldenBrett90

Re: MT4 Indicator requests and ideas

18575
GoldenBrett90 wrote: Tue May 16, 2023 7:23 am Dear MrTools,
I am continuing on with another indicator idea regarding the OMA RSI 50-line cross.
The last one you made last night is very nice, by the way.
In theory, this should also work and I'm not sure if it's been made before.
This will be used to catch clear bursts of momentum according to the trend.

When the OMA RSI is above 50 and moving vertically (or also sideways and not declining), then a small buy arrow will be drawn on the chart AND the candles will be painted a buy color.
And vice-versa for a sell...
When the OMA RSI is below 50 and pointing downward (or also sideways and not advancing), then a small sell arrow will be drawn on the chart AND the candles will be painted a sell color.
There will also be neutral candlestick signals drawn using a neutral color (light gray for buy candles in a downtrend and dark gray candles for a sell in an uptrend)...
For example...
When the OMA RSI is above the 50-line, yet it's pointing downward, then a neutral-sell color (dark gray) will be displayed in the candles.
When the OMA RSI is below the 50-line, yet it's pointing upward, then a neutral-buy color (light gray) will be displayed in the candles.

In theory, it's simply distinguishing bursts of momentum and retracements. Let me know what you think. Thanks.
Iam not Mrtools, but you may try this version.
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