MTF Relative Strength Index – indicator for MetaTrader 4

[Metatrader Indicators]

MTFaRSI.gif

MTF Relative Strength Index is a MetaTrader indicator based on well known RSI. Relative Strength Index is a financial technical analysis momentum oscillator measuring the velocity and magnitude of directional price movement by comparing upward and downward close-to-close movements. The RSI was developed by J. Welles Wilder and published in Commodities magazine in June 1978.

In MetaTrader we have Relative Strength Index already included as a standard technical indicator. However it can be used only for current timeframe. Sometimes it is desirable to have RSI showing higher timeframes. MTF Relative Strength Index presented here has additional parameter – TimeFrame. You can use it to set up higher timeframe from which RSI will calculate its values. Because values are derived from bars, when using higher timeframes, you will notice rough shape of indicator line.

MTF Relative Strength Index settings:

TimeFrame

Default value is 0 – means current timeframe. For other timeframes: 1=M1, 5=M5, 15=M15, 30=M30, 60=H1, 240=H4, 1440=D1, 10080=W1, 43200=MN1

RSIPeriod

Default value is 14. Number of periods for calculation.

Applied_price

Default value is 0 – means Close price used for calculations. For other types of price: 0-CLOSE, 1-OPEN, 2-HIGH, 3-LOW, 4-MEDIAN, 5-TYPICAL, 6-WEIGHTED.

Shift

Default value is 0. This parameter shifts whole indicator by Shift number of bars from set timeframe to the right on the chart.

How to install MTF Relative Strength Index – indicator for MetaTrader 4.mq4?

Download MTF Relative Strength Index – indicator for MetaTrader 4.mq4
Copy MTF Relative Strength Index – indicator for MetaTrader 4.mq4 to your Metatrader Directory / experts / indicators /
Start or restart your Metatrader 4 Client
Select Chart and Timeframe where you want to test your MT4 indicators
Search "Custom Indicators" in your Navigator mostly left in your Metatrader 4 Client
Right click on MTF Relative Strength Index – indicator for MetaTrader 4.mq4
Attach to a chart
Modify settings or press ok
Indicator MTF Relative Strength Index – indicator for MetaTrader 4.mq4 is available on your Chart

How to remove MTF Relative Strength Index – indicator for MetaTrader 4.mq4 from your Metatrader Chart?

Select the Chart where is the Indicator running in your Metatrader 4 Client
Right click into the Chart
"Indicators list"
Select the Indicator and delete

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