RSIOMA

RSIOMA MetaTrader indicator — this indicator takes two moving averages, calculates their RSI (Relative Strength Index) and then also adds a moving average of the calculated RSI. These two lines now can accurately signal the trend changes. They are shown in the separate window where they change from 0 to 100. The auxiliary histogram is shown for a quick-glance view of the current trend. The indicator is available for both MT4 and MT5 versions of the MetaTrader platform.

Input parameters

• RSIOMA Period (default = 14) — the period of the RSI and the moving averages that are used to calculate the RSI. Increase it for smoothness, decrease it for signal frequency.

• RSIOMA Mode (default = MODE_EMA) — the mode of the moving averages used for RSI.

• RSIOMA Price (default = PRICE_CLOSE) — the price levels used to calculate moving averages that are used in the RSI.

• MA of RSIOMA Period (default = 21) — the period of the moving average of the RSI.

• MA of RSIOMA Mode (default = MODE_EMA) — the mode of the moving average of the RSI.

• BuyTrigger (default = 20) — a trigger level for the oversold situation.

• SellTrigger (default = 80) — a trigger level for the overbought situation.

• BuyTriggerColor (default = clrMagenta) — an oversold line color.

• SellTriggerColor (default = clrDodgerBlue) — an overbought line color.

• MainTrendLong (default = 50) — if RSIOMA is above this level, then the trend is considered to be bullish.

• MainTrendShort (default = 50) — if RSIOMA is below this level, then the trend is considered to be bearish.

• MainTrendLongColor (default = clrRed) — a bullish trend separator color.

• MainTrendShortColor (default = clrGreen) — a bearish trend separator color.

• MainAlerts (default = false) — if true, an alert will be issued when RSIOMA crosses the overbought level from above or the oversold level from below.

• AuxiliaryAlerts (default = false) — if true, an alert will be issued when the histogram signals an imminent trend reversal.

• EnableNativeAlerts (default = false) — if true, a native MetaTrader popup alert will be used for any of the above two conditions.

• EnableEmailAlerts (default = false) — if true, an email message will be sent on an alert condition. Email should be properly configured in MetaTrader via Tools->Options->Email.

• EnablePushAlerts (default = false) — if true, an email message will be sent on an alert condition. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.

• TriggerCandle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.

Example and strategy

On this picture, you can see the RSIOMA (RSI of the moving averages) as the bold blue line. The thin violet line is the moving average on the RSIOMA. The indicator also uses a histogram display below the lines:

• When the RSIOMA is above level 50 (default value, can be changed via the input parameters), it is a signal of a bullish trend and the histogram shows green bars.

• When the RSIOMA is below level 50, it means a bearish trend and the red histogram bars.

• When the RSIOMA starts to go down while being above level 80 (configurable via the input parameters), the histogram changes color to magenta, which signals a trend reversal is about to happen (weak signal).

• When the RSIOMA starts to rise while being below level 20, the histogram changes color to light blue, which signals a trend reversal is about to happen (weak signal).

You can buy when the RSIOMA breaks level 20 from below and sell when RSIOMA breaks level 80 from above. The histogram provides auxiliary signals, which are somewhat weaker.

Download (ver. 1.01, 2022-03-22)

• RSIOMA for MetaTrader 4 (.zip)

• RSIOMA for MetaTrader 4 (.mq4)

• RSIOMA for MetaTrader 5 (.zip)

• RSIOMA for MetaTrader 5 (.mq5)

Discussion

• Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

• You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.