As it has been explained a couple of times, RSI, in its original form, uses what is sometimes called Wilders EMA for calculation (in values, it is exactly the same as SMMA (Smoothed Moving Average)). Replacing that average with some other type results in producing a completely different type of RSI than the original RSI is.
This version is using Alan Hull’s moving average, and it uses it for two things:
- to replace the Wilders EMA with Hull average
- and to add price filtering prior to calculation
It is a sort of “all Hull” RSI(oma) (it uses Hull average wherever average can be used or substituted. Also, this version is having the “divisor” parameter. That parameter, if set to 2.0 produces exactly the same Hull average as the original. Any value less than 2, “slows” down the Hull average, and any value greater than 2.0 “speeds” it up (but also adds overshooting – you shall notice those periods of overshooting when very sudden RSI changes of the “trend” happen – that is the consequence of being “too fast” and then some adjusting of the divisor parameter is a wise solution). So, one has to find some balance how to use that parameter and some experimenting is advised when it comes to its usage. All in all, Hull average produces sometimes “too fast” RSI values, but the results are interesting enough to play a bit with it since with right settings it seems to be a potential useful tool.
MT5 Indicators – Download Instructions
Rsi Var Hull MT5 Indicator is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Rsi Var Hull MT5 Indicator 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.
Recommended Forex Metatrader 5 Trading Platform:
- Free $30 To Start Trading Instantly
- Deposit Bonus up to $5,000
- Unlimited Loyalty Program
- Awards-Winning Forex Broker
How to install Rsi Var Hull MT5 Indicator.mq5?
- Download Rsi Var Hull MT5 Indicator.mq5
- Copy Rsi Var Hull MT5 Indicator.mq5 to your Metatrader 5 Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your mt5 indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Rsi Var Hull MT5 Indicator.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Rsi Var Hull MT5 Indicator.mq4 is available on your Chart
How to remove Rsi Var Hull MT5 Indicator.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader 5 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download: