A port of the MT4 indicator of Mladen Rakic found at www.mql5.com
which is based on Dynamic Zones that was originally published in Stocks & Commodities 1996 issue.
Dynamic Zones is meant to be applied to oscillators to get dynamic overbought and oversold levels
quantified using statistical methods.
RSI based currency strength indicator. Other indicators only give 7 currencies, leaving NZD. This one is an updated version which gives all 8 major currencies.
Great tool to find market tops, bottoms, S/R's and reversals.
Rsi has 2 customiseble overbought and oversold levels can show you extreme levels.
Slow Stochastic 1 (25 period) shows small price swings
Slow stochastic 2 (100 period) can show you a greater picture, are we reversing?
Why do you need Leguerre, Murrey, Kaufman oscilator 3000 when you can have old and...
This script has been based on ProwdClown's instructions of usage.
GM settings 9, 6, 3 should be used, LSMA 25, 0 has been implemented.
Original author for main script: LazyBear, xSilas and Ni6HTH4wK, modified By sco77m4r7in and oh92, later modified By scilentor.
Version 2 added support for MTF, to see the trend direction on the lower or higher timeframe.
As an example to see the difference, the indicator is added three times, one time for the current TF, one set at the higher and one at the lower TF.
Cudo's to Chris Moody for the MTF-switching-code!!
JD.
Indicator for Short & Long Entries based on:
- Volume
- Close Price
- Ema
- RSI
Feel free to test it out. The parameters are:
- Back Bars Long.- number of bars back to consider for long entries
- Back Bars Short.- number of bars back to consider for long entries
These are used to calculate the ema and rsi.
Somebody asked me for a script that plotted the percentage change compared to the previous candle, so I made a quick script that does exactly that.
Let me know if you find it useful.
Also do check out my other indicators !
Neat little RSI oversold and overbought markers above and below the bars. Helps visually identify whether the indicator is in overbought or oversold conditions.
Lines "Total Up Impulses" and "Total Down Impulses" are the sum of impulses in the last n periods (Length).
line 1 => "Total Up Impulses": the sum of up impulses.
line 2 => "Total Down Impulses": the sum of down impulses.
When line 1 crosses up line 2, it indicates an uptrend is comming out.
When line 1 crosses down line 2, it indicates a downtrend is comming out.
This indicator shows a histogram of the RSI in relation to an ema of the RSI.
The histogram is then smoothed to give early reversal/entry signals.
The actual RSI line with oversold/overbought indication can be displayed or omitted, as preferred.
In addiction to the RSI line or as an alternative to it, the background colour can be set to change folowing the RSI...
