RSI_Filter_vX2D2alert_mtf

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Author: Copyright � 2006, Forex-TSD.com
RSI_Filter_vX2D2alert_mtf

This tool is designed to provide traders with a comprehensive visual and analytical overview of market momentum by utilizing the Relative Strength Index (RSI). It serves as a multi-layered filtering system that identifies different types of price trends, allowing you to distinguish between strong movements and milder shifts in market sentiment.

Core Functionality

The script calculates the RSI based on a specific timeframe and period. Unlike a standard RSI indicator which only provides a single line, this tool categorizes the market into four distinct trend states based on specific "trigger levels" (commonly set at 30 and 70):

  • Strong UpTrend: Identified when the momentum is significantly high (above the upper trigger level).
  • Mild UpTrend: Identified when the momentum is positive but not yet overextended (between the midpoint and the upper trigger).
  • Mild DownTrend: Identified when the momentum is negative but remains relatively stable (between the lower trigger and the midpoint).
  • Strong DownTrend: Identified when the momentum is significantly low (below the lower trigger level).

Visual Data Representation

The indicator offers various visual modes to suit different trading styles:

  • Dynamic Buffers: Depending on your settings, the tool can display these trends as continuous lines or as histograms (bars). This helps in visualizing whether a trend is accelerating or cooling off.
  • Signal Markers: The script features specific markers (arrows and dots) that appear when the RSI crosses critical thresholds. These act as immediate visual cues for price action shifts.

Multi-Timeframe Analysis

One of the sophisticated components of this logic is its ability to sync with different timeframes. It can be configured to monitor higher timeframe data while you are looking at a lower timeframe chart. This ensures that your analysis is informed by the "big picture" trend, helping to filter out market noise and ensure you are trading in alignment with broader market directions.

Automated Alert System

To assist with active trading, the script includes an intelligent notification system. It monitors the price action for several key events and can trigger alerts for:

  • Midpoint Crosses: Notifying you when the momentum shifts from positive to negative (or vice versa) at the 50 level.
  • Trigger Crosses: Alerting you when the RSI enters or exits the "strong" zones (the upper and lower trigger levels).

These alerts are designed to be precise, ensuring that notifications only fire once per candle to avoid repetitive noise, providing a clean stream of information regarding significant momentum shifts.

Price Data Components
Series array that contains open time of each bar
Indicators Used
Relative strength index
Miscellaneous
Implements a curve of type %1It issuies visual alerts to the screen
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RSI_Filter_vX2D2alert_mtf 
//+------------------------------------------------------------------+
//|RSI_Filter                                       CCIFilter vX.mq4 |
//|                                                                  |                                      
//|                                                      mod by Raff |   
//+------------------------------------------------------------------+
// mtf 2008fxtsd  ki 

#property copyright "Copyright © 2006, Forex-TSD.com "
#property link      "http://www.forex-tsd.com/"

#property indicator_separate_window
#property indicator_buffers 8
#property indicator_color1 SlateGray
#property indicator_color2 Lime
#property indicator_color3 DarkTurquoise
#property indicator_color4 Tomato
#property indicator_color5 Red
#property indicator_color6 Magenta
#property indicator_color7 ForestGreen
#property indicator_color8 Yellow

#property indicator_width1 2
#property indicator_width2 2
#property indicator_width3 2
#property indicator_width4 2
#property indicator_width5 2
#property indicator_width6 1
#property indicator_width7 1
#property indicator_width8 1
//#property  indicator_level1  0
#property indicator_level1  70
#property indicator_level2  50
#property indicator_level3  30

#property indicator_levelcolor DarkSlateGray


//---- input parameters
extern int    RSI_Period             = 14;
extern int    RSI_Price              = 0;
extern int    UpperTriggerLevel     =  70;
extern int    LowerTriggerLevel     =  30;
//extern int    CriticalLevel         = 250;
extern int    TimeFrame = 0;
extern string TimeFrames = "M1;5,15,30,60H1;240H4;1440D1;10080W1;43200MN|0-CurrentTF";

extern bool   ShowBARS             = false;
extern int    BarWidth             = 4;
extern int    LineWidth            = 2;

extern bool   Show_Dots            = true;

extern bool   ZeroCrossAlerts                = true;
extern bool   LevelCrossAlerts               = true;

//extern string CriticalLevelAlert    = "CCI Critical Level";
extern string ZeroCrossUpAlert          = "RSI Level 50 Cross Up; ";
extern string ZeroCrossDnAlert          = "RSI Level 50 Cross Dn; ";
extern string UpperTriggerBuyAlert  = "RSI Upper Trigger CrossUp; ";
extern string UpperTriggerSellAlert = "RSI Upper Trigger CrossDn; ";
extern string LowerTriggerBuyAlert  = "RSI Lower Trigger CrossUp; ";
extern string LowerTriggerSellAlert = "RSI Lower Trigger CrossDn; ";
extern int    MaxBarsToCount           = 1500;
extern string note_Price = "Price(C O1 H2 3L 4M 5T W6)";

//---- indicator buffers
double RSI[];
double UpBuffer1[];
double UpBuffer2[];
double DnBuffer1[];
double DnBuffer2[];
double DnArr[];
double UpArr[];
double RSI_Dot[];

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
  int init()
  {
   IndicatorBuffers(8);
   

   SetIndexStyle(0,DRAW_LINE,0,LineWidth);
   SetIndexStyle(1,DRAW_LINE,0,LineWidth);
   SetIndexStyle(2,DRAW_LINE,0,LineWidth);
   SetIndexStyle(3,DRAW_LINE,0,LineWidth);
   SetIndexStyle(4,DRAW_LINE,0,LineWidth);
   if (ShowBARS) 
   {
   SetIndexStyle(1,DRAW_HISTOGRAM,0,BarWidth);
   SetIndexStyle(2,DRAW_HISTOGRAM,0,BarWidth);
   SetIndexStyle(3,DRAW_HISTOGRAM,0,BarWidth);
   SetIndexStyle(4,DRAW_HISTOGRAM,0,BarWidth);
   }
   
   SetIndexEmptyValue(5,EMPTY_VALUE);
   SetIndexEmptyValue(6,EMPTY_VALUE);
   
   SetIndexStyle  (5,DRAW_ARROW);
   SetIndexArrow  (5,159);
   SetIndexBuffer (5,DnArr);
   SetIndexStyle  (6,DRAW_ARROW);
   SetIndexArrow  (6,159);
   SetIndexBuffer (6,UpArr);
   
   SetIndexEmptyValue(7,EMPTY_VALUE);
   SetIndexArrow(7,158);     //159 115
   SetIndexStyle(7,DRAW_NONE);
   if(Show_Dots && !ShowBARS)     
   SetIndexStyle(7,DRAW_ARROW);

   

   SetIndexBuffer(0,RSI);
   SetIndexBuffer(1,UpBuffer1);
   SetIndexBuffer(2,UpBuffer2);
   SetIndexBuffer(3,DnBuffer1);
   SetIndexBuffer(4,DnBuffer2);
   SetIndexBuffer(5,DnArr);
   SetIndexBuffer(6,UpArr);
   SetIndexBuffer(7,RSI_Dot);

   IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS));
      
      TimeFrame= MathMax(TimeFrame,Period());

      switch(TimeFrame)
     {
      case 1 : string TimeFrameStr= "M1";  break;
      case 5 : TimeFrameStr=        "M5";  break;
      case 15 : TimeFrameStr=       "M15"; break;
      case 30 : TimeFrameStr=       "M30"; break;
      case 60 : TimeFrameStr=       "H1";  break;
      case 240 : TimeFrameStr=      "H4";  break;
      case 1440 : TimeFrameStr=     "D1";  break;
      case 10080 : TimeFrameStr=    "W1";  break;
      case 43200 : TimeFrameStr=    "MN1"; break;
      default : TimeFrameStr= "TF0";
     }

   string short_name;
   short_name="RSI Filter ("+RSI_Period+") ["+TimeFrameStr+"] L("+UpperTriggerLevel+", "+LowerTriggerLevel+")";
   IndicatorShortName(short_name);
   
   SetIndexLabel(0,"RSI ("+RSI_Period+")["+TimeFrameStr+"]");
   SetIndexLabel(1,"UpTrend");
   SetIndexLabel(2,"Mild UpTrend");
   SetIndexLabel(3,"Mild DownTrend");
   SetIndexLabel(4,"DownTrend");
   SetIndexLabel(5,"RSI ("+RSI_Period+")["+TimeFrameStr+"]Dn");
   SetIndexLabel(6,"RSI ("+RSI_Period+")["+TimeFrameStr+"]Up");
  
   SetIndexDrawBegin(0,RSI_Period);
   SetIndexDrawBegin(1,RSI_Period);
   SetIndexDrawBegin(2,RSI_Period);
   SetIndexDrawBegin(3,RSI_Period);  
   SetIndexDrawBegin(4,RSI_Period);
   SetIndexDrawBegin(5,RSI_Period);  
   SetIndexDrawBegin(6,RSI_Period);
   SetIndexDrawBegin(7,RSI_Period);  

   return(0);
  }

//+------------------------------------------------------------------+
//| CCIFilter                                                        |
//+------------------------------------------------------------------+
int start()
  {
   int shift,trend;
   datetime TimeArray[];
   ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TimeFrame); 

   
   double CCI0, CCI1;
   double UpDnZero, UpDnBuffer;
   

   int    limit,y, counted_bars=IndicatorCounted();
   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++;

     RSI_Dot[shift]  =EMPTY_VALUE;
     DnArr[shift]    =EMPTY_VALUE;
     UpArr[shift]    =EMPTY_VALUE;
  	  RSI[shift]      =EMPTY_VALUE;
  	  
	  CCI0=iRSI(NULL,TimeFrame,RSI_Period,RSI_Price,y);
	  CCI1=iRSI(NULL,TimeFrame,RSI_Period,RSI_Price,y+1);
  	  
  	  if(Time[shift]==TimeArray[y])
  	  {
  	  RSI_Dot[shift]=iRSI(NULL,TimeFrame,RSI_Period,RSI_Price,y);
     
     if  (ShowBARS) RSI_Dot[shift]=0;
     }
  	 
  	  UpDnZero=0; UpDnBuffer=1;
     if (!ShowBARS) {UpDnZero=EMPTY_VALUE; UpDnBuffer=CCI0; RSI[shift]=CCI0;}
  	 
  	  UpBuffer1[shift]=UpDnZero;
  	  UpBuffer2[shift]=UpDnZero;
  	  DnBuffer1[shift]=UpDnZero;
  	  DnBuffer2[shift]=UpDnZero;

	  if (CCI0>UpperTriggerLevel)  UpBuffer1[shift]=UpDnBuffer;
	  if (CCI0>50 && CCI0<=UpperTriggerLevel) UpBuffer2[shift]=UpDnBuffer;
	  if (CCI0<50 && CCI0>=LowerTriggerLevel) DnBuffer1[shift]=UpDnBuffer;
	  if (CCI0<LowerTriggerLevel)  DnBuffer2[shift]=UpDnBuffer;

     if (CCI0>50 && CCI1<=50) {if(!ShowBARS) UpArr[shift]=50; if(shift==0 && ZeroCrossAlerts) Alerts(ZeroCrossUpAlert);}
     if (CCI0<50 && CCI1>=50) {if(!ShowBARS) DnArr[shift]=50; if(shift==0 && ZeroCrossAlerts) Alerts(ZeroCrossDnAlert);}
     if (CCI0>UpperTriggerLevel && CCI1<=UpperTriggerLevel) {if(!ShowBARS) UpArr[shift]=UpperTriggerLevel; if(shift==0 && LevelCrossAlerts) Alerts(UpperTriggerBuyAlert);}
     if (CCI0<UpperTriggerLevel && CCI1>=UpperTriggerLevel) {if(!ShowBARS) DnArr[shift]=UpperTriggerLevel; if(shift==0 && LevelCrossAlerts) Alerts(UpperTriggerSellAlert);}
     if (CCI0>LowerTriggerLevel && CCI1<=LowerTriggerLevel) {if(!ShowBARS) UpArr[shift]=LowerTriggerLevel; if(shift==0 && LevelCrossAlerts) Alerts(LowerTriggerBuyAlert);}
     if (CCI0<LowerTriggerLevel && CCI1>=LowerTriggerLevel) {if(!ShowBARS) DnArr[shift]=LowerTriggerLevel; if(shift==0 && LevelCrossAlerts) Alerts(LowerTriggerSellAlert);}
//     if (MathAbs(CCI0)>CriticalLevel && MathAbs(CCI1)<=CriticalLevel) {if(shift==0) Alerts(CriticalLevelAlert);}
//     if (MathAbs(CCI0)<CriticalLevel && MathAbs(CCI1)>=CriticalLevel) {if(shift==0) Alerts(CriticalLevelAlert);}
	}

	return(0);	
 }

void Alerts(string AlertText)
  {

    static datetime timeprev;
    if(timeprev<iTime(NULL,0,0)) 
      {timeprev=iTime(NULL,0,0); 
         Alert( "RSI Filter ("+RSI_Period+") TF["+TimeFrame+"]"
         +UpperTriggerLevel+", "+LowerTriggerLevel+": ", AlertText,
         " ",Symbol(),", chart M",Period(),"  at  ", Close[0],"  -  ", TimeToStr(CurTime(),TIME_SECONDS));}
  }

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