rsi_gold_silver
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This tool is designed as a visual market indicator for the MetaTrader platform, specifically created to track and compare the relative strength of two different assets—in this case, Gold and Silver. By monitoring these two metals simultaneously, the indicator helps traders understand the relationship between them more clearly.
Core Logic and Functionality
The script operates by calculating a technical momentum metric known as the RSI (Relative Strength Index) for both assets over a specific period of time. Instead of looking at simple price movements, it uses "Typical Price" (an average of the high, low, and closing prices) to ensure the data is more balanced and less susceptible to sudden price spikes.
The indicator processes this information in three distinct stages:
- Gold Tracking: The script calculates the momentum for Gold and plots it as a visual line on your chart. This allows you to see how strong or weak the Gold market is currently moving.
- Silver Tracking: Simultaneously, the script performs the exact same calculation for Silver, plotting it as a second independent line.
- The "Typical" Comparison: The final piece of logic takes the data from both the Gold and Silver lines and calculates their average. This creates a third, smoothed line that represents the combined momentum of both metals.
How to Interpret the Data
By displaying these three lines in a single separate window, the tool allows you to observe how these two metals interact:
- Individual Performance: You can quickly see if one metal is significantly outperforming the other.
- Combined Strength: The third "Typical" line acts as a composite view. If the individual lines are moving in different directions, the average line helps identify the broader trend of the precious metals market as a whole.
- Visual Benchmarks: The indicator includes three pre-set horizontal levels (35, 50, and 65). These serve as visual guides to help you identify "overbought" or "oversold" conditions, where prices might be stretched too far in one direction and could potentially reverse.
In summary, this script simplifies complex market data by merging the behavior of two major assets into one visual display, making it easier for traders to spot trends and correlations at a glance.
/*=============================================== H E A D E R ==============================================
Pavol Krizan | paulie.sk@gmail.com
EN = Please if anyone modifying and improves file, send to me on my email thank you !!!
SVK = Prosím ak niekto upravuj alebo vylepuje tento súbor, predolite mi to na môj email dakujem !!!
/*=========================================== H E A D E R E N D ===========================================*/
#property copyright "ForF"
#property link "http://www.forf.eu/"
#property version "1.01"
/*==========================================================================================================*/
#property indicator_separate_window
//+------------------------------------------------------------------+
#property indicator_level1 50
#property indicator_level2 35
#property indicator_level3 65
#property indicator_levelcolor Silver
#property indicator_levelstyle 0
//+------------------------------------------------------------------+
#property indicator_buffers 3
#property indicator_color1 Gold
#property indicator_color2 DeepSkyBlue
#property indicator_color3 White
//+------------------------------------------------------------------+
#property indicator_width1 1
#property indicator_width2 1
#property indicator_width3 1
//+------------------------------------------------------------------+
extern string Symobol_1="GOLD";
extern string Symobol_2="SILVER";
extern int period = 14;
double MacdBuffer1[];
double MacdBuffer2[];
double MacdBuffer3[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- drawing settings
SetIndexStyle(0,DRAW_LINE);
SetIndexStyle(1,DRAW_LINE);
SetIndexStyle(2,DRAW_LINE,0,2);
//---- indicator buffers mapping
SetIndexBuffer(0,MacdBuffer1);
SetIndexBuffer(1,MacdBuffer2);
SetIndexBuffer(2,MacdBuffer3);
IndicatorShortName("RSI_Gold_Silver");
SetIndexLabel(0,"GOLD");
SetIndexLabel(1,"SILVER");
SetIndexLabel(2,"Typical");
return(0);
}
//+------------------------------------------------------------------+
// Signal indicator |
//+------------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
int i;
//====================================================
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
//====================================================
for(i=0; i<limit; i++)
MacdBuffer1[i]=iRSI(Symobol_1,0,period,PRICE_TYPICAL,i);
for(i=0; i<limit; i++)
MacdBuffer2[i]=iRSI(Symobol_2,0,period,PRICE_TYPICAL,i);
for(i=0; i<limit; i++)
MacdBuffer3[i]=
((
MacdBuffer1[i]+MacdBuffer2[i]
)/2);
//====================================================
return(0);
}
//+------------------------------------------------------------------+
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