RSIOMA MetaTrader forex indicator takes two moving averages, calculates their RSI indicator(Relative Strength Index), and then adds a moving average of the calculated RSI. These two lines can now accurately signal the trend changes. They are shown in a separate window where they change from 0 to 100. The histogram is shown for a quick-glance view of the current market trend. The forex indicator is available for MT4 and MT5 versions of the forex MetaTrader platform.
- RSIOMA Period (main default = 14) — the period of the RSI indicator and the moving averages indicator used to calculate the RSI. Increase it for smoothness, and decrease it for signal frequency.
- RSIOMA Mode (main default = MODE_EMA) — the mode of the moving averages indicator used for RSI.
- RSIOMA Price (main default = PRICE_CLOSE) — the price levels used to calculate the moving averages indicator used in the RSI.
- MA of RSIOMA Period (main default = 21) — the period of the moving average indicator of the RSI.
- MA of RSIOMA Mode (main default = MODE_EMA) — the mode of the moving average indicator of the RSI.
- BuyTrigger (main default = 20) — a trigger level for the oversold situation.
- SellTrigger (main default = 80) — a trigger level for the overbought situation.
- BuyTriggerColor (main default = clrMagenta) — an oversold line color.
- SellTriggerColor (main default = clrDodgerBlue) — an overbought line color.
- MainTrendLong (main default = 50) — if RSIOMA is above this level, the trend is considered bullish.
- MainTrendShort (main default = 50) — if RSIOMA is below this level, the trend is considered bearish.
- MainTrendLongColor (main default = clrRed) — a bullish trend separator color.
- MainTrendShortColor (main default = clrGreen) — a bearish trend separator color.
- MainAlerts (main default = false) — if true, an alert will be issued when the RSIOMA indicator crosses the overbought level from above or the oversold level below.
- AuxiliaryAlerts (main default = false) — if true, an alert will be issued when the histogram entry signals an imminent trend reversal.
- EnableNativeAlerts (main default = false) — if true, will use a native MetaTrader popup alert for any of the above two conditions.
- EnableEmailAlerts (main default = false) — if true, will send an email message on an alert condition. Should properly configure Email in MetaTrader via Tools->Options->Email.
- EnablePushAlerts (main default = false) — if true, an email message on an alert condition. Notifications should be properly configured in forex MetaTrader via Tools->Options->Notifications.
- TriggerCandle (main default = Previous) — the candle to issue alerts on Previous — the most recently closed candle or Current — the yet unfinished candle.
Example and forex strategy
This picture shows the RSIOMA indicator(RSI of the moving averages) as the bold blue color line. The thin violet color line is the moving average indicator on the RSIOMA. The forex indicator also uses a histogram display below the lines:
- When the RSIOMA is above level 50 (the main default value, which can change via the input parameters), it signals a bullish trend, and the histogram shows green color bars.
- When the RSIOMA indicator is below level 50, it means a bearish trend and the red color histogram bars.
- When the RSIOMA indicator starts to go down while being above level 80 (configurable via the input parameters), the histogram changes to a magenta color, which signals a chart trend reversal is about to happen (weak signal).
- When the RSIOMA indicator starts to rise while being below level 20, the histogram changes to light blue color, which signals a trend reversal is about to happen (weak signal).
You can buy an entry when the RSIOMA indicator breaks level 20 from below and sell an entry when the RSIOMA indicator breaks level 80 from above. The histogram provides auxiliary entry signals, which are somewhat weaker.
RSIOMA Forex Indicator Download
Warning! If you do not know how to set up this indicator, please read the MetaTrader Forex Indicators Tutorial.
Do you have any more suggestions or questions regarding this forex indicator? You can always discuss the RSIOMA indicator with the other forex traders and MQL programmers on the indicators forums.