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MetaTrader 5 / Indicators

RSI_Overlay - indicator for MetaTrader 5

Scriptor
14543
(18)

Indicator RSI Overlay displays the chart as colored candles in accordance with the data of oscillator RSI.

It has five adjustable parameters:

  • Data RSI Compare mode - RSI data comparison mode
    • RSI vs level 50 - RSI line as referred to level 50
    • RSI vs OB/OS levels - RSI line as referred to the overbought/oversold levels
    • Current and previous RSI values - comparing the current and previous values of the RSI line
  • RSI period - RSI calculation period
  • RSI applied price
  • RSI overbought - RSI overbought level
  • RSI oversold -  RSI oversold level

RSI vs level 50:

  • If the RSI line is above level 50,
    then the bullish candle is displayed in green
    the bearish candle is displayed in light-green
  • If the RSI line is below level 50,
    then the bearish candle is displayed in red
    the bullish candle is displayed in light-red

RSI vs OB/OS levels:

  • If the RSI line is above the overbought level,
    then the bullish candle is displayed in green
    the bearish candle is displayed in light-green
  • If the RSI line is below the oversold level,
    then the bearish candle is displayed in red
    the bullish candle is displayed in light-red
  • In all other cases, the candle is gray

Current and previous RSI values:

  • If the RSI values grow,
    then the bullish candle is displayed in green
    the bearish candle is displayed in light-green
  • If the RSI values fall,
    then the bearish candle is displayed in red
    the bullish candle is displayed in light-red
  • In all other cases, the candle is gray

Fig. 1. RSI Overlay + RSI. Data RSI Compare mode = RSI vs level 50


Fig. 2. RSI Overlay + RSI. Data RSI Compare mode = RSI vs OB/OS levels


Fig. 3. RSI Overlay + RSI. Data RSI Compare mode = Current and previous RSI values



Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/23429