RSI (Relative Strength Index) is well known and is widely used. Sometimes it is used in a combination of some filtering method in order to avoid some of the false signals that RSI might produce in some market conditions. This is one more version that will attempt to address the issue by using a filter on RSI
This version :
This version is using step chart as a filter to lessen the number of signals produced by RSI and (if possible) to make it easier and safer to use. The step size is to be entered in % of RSI that you wish to be used as a filter for minimal RSI change that should be considered as a significant change
Use color change of the step bar as signals
MT5 Indicators – Download Instructions
Step Chart of RSI MT5 Indicator is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to transform the accumulated history data.
Step Chart of RSI 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. Click here for MT5 Strategies
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How to install Step Chart of RSI MT5 Indicator.mq5 to your MetaTrader 5 Chart?
- Download Step Chart of RSI MT5 Indicator.mq5
- Copy Step Chart of RSI 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 Step Chart of RSI MT5 Indicator.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Step Chart of RSI MT5 Indicator.mq4 is available on your Chart
How to remove Step Chart of RSI 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
Step Chart of RSI MT5 Indicator (Free Download)
Click here below to download: