The indicator changes color of bars in a separate window. It is changed to the color of the current trend calculated based on the RSI technical indicator.
If the trend and candlestick direction match, the color of the bar is light, if opposite, the bar is dark.
Trend strength is determined by the presence of the RSI indicator in overbought or oversold areas whose levels are determined by the indicator input parameters:
input uint HighLevel=55; // Overbought level input uint LowLevel=45; // Oversold level
If the RSI is outside these areas, the bar is painted in light gray.
MT5 Indicator – Download Instructions
RSIFilter is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
RSIFilter provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install RSIFilter.mq5?
- Download RSIFilter.mq5
- Copy RSIFilter.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on RSIFilter.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator RSIFilter.mq5 is available on your Chart
How to remove RSIFilter.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: