This indicator is a modified version of the Relative Strength Index (RSI) that can be placed on a chart having another timeframe. It also allows users to change RSI and the signal line’s smoothing algorithms.
The main difference of this indicator from its standard equivalent is the possibility to change the smoothing algorithm by selecting an appropriate one out of ten algorithms present:
- SMA – simple moving average;
- EMA – exponential moving average;
- SMMA – smoothed moving average;
- LWMA – linear weighted moving average;
- JJMA – JMA adaptive average;
- JurX – ultralinear smoothing;
- ParMA – parabolic smoothing;
- T3 – Tillson’s multiple exponential smoothing;
- VIDYA – smoothing with the use of Tushar Chande’s algorithm;
- AMA – smoothing with the use of Perry Kaufman’s algorithm.
It should be noted that Phase parameter has completely different meaning for different smoothing algorithms.
- For JMA it is an external Phase variable changing from -100 to +100.
- For T3 it is a smoothing ratio multiplied by 100 for better visualization;
- For VIDYA it is a CMO period, for AMA it is a slow EMA period;
- For AMA fast EMA period is a fixed value and is equal to 2 by default. The ratio of raising to the power is also equal to 2 for AMA.
It is quite natural that some smoothing variants require some different interpretation of the indicator signals. Oversold/overbought levels are indicated in dynamically changing variant based on the Bollinger Bands to provide more accurate work with them.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
Place XRSX_BB indicator to the terminal_folder\MQL5\Indicators
MT5 Indicator – Download Instructions
XRSX BB HTF is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
XRSX BB HTF 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 XRSX BB HTF.mq5?
- Download XRSX BB HTF.mq5
- Copy XRSX BB HTF.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 XRSX BB HTF.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator XRSX BB HTF.mq5 is available on your Chart
How to remove XRSX BB HTF.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: