RSI_Filter_mtf

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Author: Copyright � 2006, Indoforex Groups
RSI_Filter_mtf

This tool is designed to help traders identify the prevailing market direction by analyzing the Relative Strength Index (RSI) across different timeframes simultaneously. Instead of simply showing you a raw RSI value, this script categorizes the market into four distinct "trend zones" to provide a clearer picture of whether the price action is bullish, bearish, or neutral.

How It Works

The logic behind the script involves monitoring the RSI of a higher timeframe (which you can choose, such as the Daily, Weekly, or Hourly charts) and displaying that information on your current chart. It filters the data into four specific categories based on where the RSI sits relative to key price levels:

  • Strong Bullish Sentiment: When the RSI rises above the high "UpTrend" level (61.80), the script identifies this as an overbought or extremely strong bullish move.
  • Strong Bearish Sentiment: When the RSI falls below the low "DownTrend" level (38.20), the script identifies this as an oversold or extremely strong bearish move.
  • Bullish Trend: When the RSI is between the 50 midline and the 61.80 high level, it signals a steady upward trend without being in extreme overbought territory.
  • Bearish Trend: When the RSI is between the 50 midline and the 38.20 low level, it signals a steady downward trend without being in extreme oversold territory.

Key Features for Traders

  • Multi-Timeframe Analysis: You can view the "big picture" (the higher timeframe trend) while looking at a smaller, faster chart. This helps ensure you aren't trading against the primary market direction.
  • Visual Filtering: The script uses different colored histograms to distinguish between these four states. This allows for a quick visual confirmation of whether the market is currently leaning toward the buyers or the sellers.
  • Customizable Sensitivity: While it defaults to standard RSI settings, it is built to handle large amounts of historical data and can be configured to look at specific time periods to suit your trading style.

In short, this tool acts as a trend filter. It simplifies complex RSI movements into four actionable categories, helping you stay aligned with the dominant market momentum.

Indicators Used
Relative strength index
Miscellaneous
Implements a curve of type %1
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RSI_Filter_mtf 
//+------------------------------------------------------------------+
//|RSI_Filter_mtf                                 Filter overRSI.mq4 |
//|                   Copyright © 2006, Indoforex Groups - Primajaya |
//| MTF:ForexTSD.com            ki    http://primaforex.blogspot.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Indoforex Groups"
#property link      "http://primaforex.blogspot.com"

#property indicator_separate_window
#property indicator_minimum 0
#property indicator_maximum 1
#property indicator_buffers 4

#property indicator_color1 Blue
#property indicator_color2 Red
#property indicator_color3 SteelBlue
#property indicator_color4 Orange

#property indicator_width1  2   
#property indicator_width2  2
#property indicator_width3  2
#property indicator_width4  2

//---- input parameters
extern int TimeFrame=0;

extern int    PeriodeRSI  = 14;
extern double UpTrendLevel        = 61.80;
extern double DownTrendLevel      = 38.20;
extern int    MaxBarsToCount      = 1500;

extern string _MainTrend          = "50";
extern string _TimeFrames = "M1;5,15,30,60H1;240H4;1440D1;10080W1;43200MN|0-CurrentTF";

//---- indicator buffers

double UpBuffer1[];
double DnBuffer1[];
double UpBuffer2[];
double DnBuffer2[];

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
  int init()
  {
   string short_name;
//---- indicator line
   SetIndexStyle(0,DRAW_HISTOGRAM);
   SetIndexStyle(1,DRAW_HISTOGRAM);
   SetIndexStyle(2,DRAW_HISTOGRAM);
   SetIndexStyle(3,DRAW_HISTOGRAM);
   
   SetIndexBuffer(0,UpBuffer1);
   SetIndexBuffer(1,DnBuffer1);
   SetIndexBuffer(2,UpBuffer2);
   SetIndexBuffer(3,DnBuffer2);
   
   
//----
   SetIndexDrawBegin(0,PeriodeRSI);
   SetIndexDrawBegin(1,PeriodeRSI);
   SetIndexDrawBegin(2,PeriodeRSI);
   SetIndexDrawBegin(3,PeriodeRSI);  

  
  //---- name for DataWindow and indicator subwindow label   
   switch(TimeFrame)
   {
      case 1       : string TimeFrameStr="Period_M1";  break;
      case 5       : TimeFrameStr="Period_M5";         break;
      case 15      : TimeFrameStr="Period_M15";        break;
      case 30      : TimeFrameStr="Period_M30";        break;
      case 60      : TimeFrameStr="Period_H1";         break;
      case 240     : TimeFrameStr="Period_H4";         break;
      case 1440    : TimeFrameStr="Period_D1";         break;
      case 10080   : TimeFrameStr="Period_W1";         break;
      case 43200   : TimeFrameStr="Period_MN1";        break;
      default      : TimeFrameStr="Current Timeframe";
  }
//---- name for DataWindow and indicator subwindow label
   short_name="RSI_Filter("+PeriodeRSI+") "+TimeFrameStr;
   IndicatorShortName(short_name);
   if (TimeFrame < Period()) TimeFrame = Period();


   SetIndexLabel(0,"RSI>UpTrendL:Overbought or Strong Bulls");
   SetIndexLabel(1,"RSI<DnTrendL:Oversold or Strong Bears");
   SetIndexLabel(2,"50<RSI<UpTrendL:Trend Bulls");
   SetIndexLabel(3,"50>RSI>DnTrendL:Trend Bears");

   IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS));


   return(0);
  }

//+------------------------------------------------------------------+
//| ProSol Confirmation                                              |
//+------------------------------------------------------------------+
int start()
  {
   int trend;
 double RSI0;
   
   datetime TimeArray[];
   int    shift,limit,y=0,counted_bars=IndicatorCounted();
 
// Plot defined time frame on to current time frame
   ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TimeFrame); 
   
limit=Bars-counted_bars;
limit=MathMax(limit,TimeFrame/Period());
limit=MathMin(limit,MaxBarsToCount);
   
   for(shift=0,y=0;shift<limit;shift++)
   {
   if (Time[shift]<TimeArray[y]) y++;
   
  	
   RSI0=iRSI(NULL,TimeFrame,PeriodeRSI,PRICE_CLOSE,y);
	

	  if (RSI0>  50 && RSI0<UpTrendLevel)    trend= 1;
	  if (RSI0>= UpTrendLevel)               trend= 2;  
	  if (RSI0<= 50 && RSI0>DownTrendLevel)  trend=-1;
	  if (RSI0<= DownTrendLevel)             trend=-2;


	  
	  if (trend==1) 
	  {
	  
	  UpBuffer1[shift]=0;
	  UpBuffer2[shift]=1;
	  DnBuffer1[shift]=0;
	  DnBuffer2[shift]=0;
	  
	  }
	  if (trend==2) 
	  {
	  
	  UpBuffer1[shift]=1;
	  UpBuffer2[shift]=0;
	  DnBuffer1[shift]=0;
	  DnBuffer2[shift]=0;
	  
	  }
	  if (trend==-1) 
	  {
	   
	  UpBuffer1[shift]=0;
	  UpBuffer2[shift]=0;
	  DnBuffer1[shift]=0;
	  DnBuffer2[shift]=1;
	  }
	  
	  if (trend==-2) 
	  {
	  
	  UpBuffer1[shift]=0;
	  UpBuffer2[shift]=0;
	  DnBuffer1[shift]=1;
	  DnBuffer2[shift]=0; 
	  
	  }
	}
	return(0);	
 }

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