RSI-3TF_v1
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This script is designed as a multi-layered momentum indicator for MetaTrader. It provides traders with a visual representation of market strength by analyzing the Relative Strength Index (RSI) across different timeframes simultaneously. Rather than looking at a single set of data, this tool allows you to observe "big picture" trends while keeping an eye on immediate price action.
Core Functionality
The indicator operates by performing three distinct types of analysis and plotting them onto a single visual window:
1. Primary Momentum Tracking The script calculates a standard RSI value based on the current chart's timeframe. This gives you a real-time look at whether an asset is currently overbought, oversold, or trending in a specific direction. It uses a smoothing technique to ensure that the line remains readable and less prone to erratic jumps caused by minor price fluctuations.
2. Multi-Timeframe Synchronization One of the most advanced features of this script is its ability to "look ahead" into other timeframes without you having to switch charts. It automatically pulls RSI data from two higher timeframes (which can be customized in the settings).
- By doing this, the tool helps identify if a short-term move is supported by the larger trend or if it is an isolated anomaly.
3. Visual Alert Thresholds Instead of just drawing lines, the script monitors these different timeframes for specific "trigger" conditions. It looks for instances where the RSI on those secondary timeframes crosses into extreme territory:
- Upper Thresholds: When the higher timeframe RSI exceeds a high limit (indicating potential overbought conditions), the script marks a specific level on your chart.
- Lower Thresholds: When the higher timeframe RSI drops below a low limit (indicating potential oversold conditions), it marks a corresponding lower level.
How to Interpret the Logic
Essentially, this tool acts as a "trend filter." While you watch the main yellow line to see what is happening now, the other markings on the screen tell you what is happening in the broader market context.
If the primary RSI shows a strong move but the higher timeframe indicators are hitting their respective "Upper" or "Lower" levels, it provides a visual cue that the market might be reaching a turning point. It helps traders avoid entering trades against the weight of the larger market momentum by highlighting where those larger trends are becoming stretched or exhausted.
/*-----------------------------+
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| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| RSI-3TF.mq4 |
//| Copyright © 2004, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//| |
//| 04.10.2005 Ìîäåðíèçàöèÿ Êèì Èãîðü Â. aka KimIV |
//| http://www.kimiv.ru |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net/"
#property indicator_separate_window
#property indicator_minimum 0
#property indicator_maximum 100
#property indicator_buffers 5
#property indicator_color1 Yellow
#property indicator_color2 Red
#property indicator_color3 DodgerBlue
#property indicator_color4 Magenta
#property indicator_color5 Green
//------- Âíåøíèå ïàðàìåòðû èíäèêàòîðà -------------------------------
extern int RSI_Period_0 = 14;
extern int RSI_Period_1 = 14;
extern int TF_1 = 30;
extern int UP_Level_1 = 60;
extern int DN_Level_1 = 40;
extern int TF_2 = 60;
extern int RSI_Period_2 = 14;
extern int UP_Level_2 = 60;
extern int DN_Level_2 = 40;
//------- Áóôåðû èíäèêàòîðà ------------------------------------------
double RSIBuffer[];
double UP_Lev_1[];
double DN_Lev_1[];
double UP_Lev_2[];
double DN_Lev_2[];
double PosBuffer[];
double NegBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
void init() {
string short_name;
//---- 2 additional buffers are used for counting.
IndicatorBuffers(7);
SetIndexBuffer(5,PosBuffer);
SetIndexBuffer(6,NegBuffer);
//---- indicator line
SetIndexStyle(0,DRAW_LINE,STYLE_SOLID,2);
SetIndexBuffer(0,RSIBuffer);
SetIndexStyle(1,DRAW_LINE,STYLE_SOLID,2);
SetIndexBuffer(1,UP_Lev_1);
SetIndexStyle(2,DRAW_LINE,STYLE_SOLID,2);
SetIndexBuffer(2,DN_Lev_1);
SetIndexStyle(3,DRAW_LINE,STYLE_SOLID,4);
SetIndexBuffer(3,UP_Lev_2);
SetIndexStyle(4,DRAW_LINE,STYLE_SOLID,4);
SetIndexBuffer(4,DN_Lev_2);
//---- name for DataWindow and indicator subwindow label
short_name="RSI("+RSI_Period_0+")";
IndicatorShortName(short_name);
SetIndexLabel(0,short_name);
short_name="RSI("+RSI_Period_1+")";
SetIndexLabel(1,short_name);
SetIndexLabel(2,short_name);
short_name="RSI("+RSI_Period_2+")";
SetIndexLabel(3,short_name);
SetIndexLabel(4,short_name);
SetIndexDrawBegin(0,RSI_Period_0);
SetIndexDrawBegin(1,RSI_Period_1);
SetIndexDrawBegin(2,RSI_Period_1);
SetIndexDrawBegin(3,RSI_Period_2);
SetIndexDrawBegin(4,RSI_Period_2);
}
//+------------------------------------------------------------------+
//| Relative Strength Index |
//+------------------------------------------------------------------+
void start() {
double rel, negative, positive;
double rsi1, rsi2;
int i, counted_bars=IndicatorCounted();
int nb1, nb2;
if(Bars<=RSI_Period_0) return(0);
//---- initial zero
if(counted_bars<1)
for(i=1;i<=RSI_Period_0;i++) RSIBuffer[Bars-i]=0.0;
//----
i=Bars-RSI_Period_0-1;
if (counted_bars>=RSI_Period_0) i=Bars-counted_bars-1;
while (i>=0) {
double sumn=0.0,sump=0.0;
if (i==Bars-RSI_Period_0-1) {
int k=Bars-2;
//---- initial accumulation
while (k>=i) {
rel=Close[k]-Close[k+1];
if (rel>0) sump+=rel;
else sumn-=rel;
k--;
}
positive=sump/RSI_Period_0;
negative=sumn/RSI_Period_0;
} else {
//---- smoothed moving average
rel=Close[i]-Close[i+1];
if (rel>0) sump=rel;
else sumn=-rel;
positive=(PosBuffer[i+1]*(RSI_Period_0-1)+sump)/RSI_Period_0;
negative=(NegBuffer[i+1]*(RSI_Period_0-1)+sumn)/RSI_Period_0;
}
PosBuffer[i]=positive;
NegBuffer[i]=negative;
if (negative==0.0) RSIBuffer[i]=0.0;
else RSIBuffer[i]=100.0-100.0/(1+positive/negative);
nb1=iBarShift(NULL, TF_1, Time[i], False);
nb2=iBarShift(NULL, TF_2, Time[i], False);
rsi1=iRSI(NULL, TF_1, RSI_Period_1, PRICE_CLOSE, nb1);
rsi2=iRSI(NULL, TF_2, RSI_Period_2, PRICE_CLOSE, nb2);
UP_Lev_1[i]=EMPTY_VALUE;
DN_Lev_1[i]=EMPTY_VALUE;
UP_Lev_2[i]=EMPTY_VALUE;
DN_Lev_2[i]=EMPTY_VALUE;
if (rsi1>=UP_Level_1) UP_Lev_1[i]=94;
if (rsi1<=DN_Level_1) DN_Lev_1[i]=6;
if (rsi2>=UP_Level_2) UP_Lev_2[i]=98;
if (rsi2<=DN_Level_2) DN_Lev_2[i]=2;
i--;
}
}
//+------------------------------------------------------------------+
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