RSI+MA+LABEL
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This script is a custom technical analysis tool designed for the MetaTrader platform to help traders visualize and interpret market momentum. It combines two primary mathematical components—the Relative Strength Index (RSI) and a Moving Average (MA)—into a single visual dashboard with automated color-coded signaling.
Core Functionality
1. Momentum Tracking (RSI) The tool first calculates the Relative Strength Index, which measures the speed and change of price movements. This helps identify whether an asset is becoming "overbought" or "oversold." The script plots this data as a primary line on your chart.
2. Trend Smoothing (Moving Average of RSI) To make the momentum data easier to read, the script applies a Moving Average specifically to the RSI values themselves (rather than the price). This creates a secondary, smoother line that filters out "noise," allowing traders to see the underlying direction of the momentum more clearly.
3. Dynamic Visual Indicators Beyond simple lines, the script generates a real-time text dashboard on your screen that provides several layers of information:
- Numerical Values: It displays the exact current values for both the RSI and its Moving Average directly on the chart.
- Color Coding: The script automatically changes the color of these numbers based on their position. If a value is above the 50-level (midpoint), it turns green to indicate positive momentum; if it falls below, it turns red to indicate negative momentum.
- Directional Arrows: The tool monitors the "phase" of both the RSI and its Moving Average by comparing the current bar to the previous one. It displays specific symbols (arrows) that change color:
- Green Upward Motion: Indicates that the momentum is currently increasing.
- Red Downward Motion: Indicates that the momentum is currently decreasing.
Summary for the User
Instead of forcing you to interpret complex overlapping lines, this script translates raw market data into a simplified "traffic light" system. It tells you not just where the price is, but how fast it is moving and in what direction, using color-coded text and arrows to highlight shifts in market sentiment instantly.
//+------------------------------------------------------------------+
//| RSI+MA+LABEL.mq4 |
//| Copyright © 2004, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//| Modified LHC 28.01.2009|
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net/"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_minimum 0
#property indicator_maximum 100
#property indicator_color1 Blue
#property indicator_color2 Red
#property indicator_style2 STYLE_SOLID
#property indicator_level1 30
#property indicator_level2 50
#property indicator_level3 70
#property indicator_levelcolor DimGray
//--- input parameters
extern int RSIPeriod = 14;
extern int MAofRSI = 8;
extern int MA_method = 1; //Mode EMA
//--- buffers
double RSIBuffer[];
double MAofRSIBuffer[];
color tColor;
color tColor1;
color tColor3;
color tColor4;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//--- 2 buffers used for counting.
IndicatorBuffers(2);
SetIndexBuffer(0,RSIBuffer);
SetIndexBuffer(1,MAofRSIBuffer);
//--- indicator line
SetIndexDrawBegin(0,RSIPeriod);
SetIndexDrawBegin(1,RSIPeriod);
//--- name for DataWindow and indicator subwindow label
IndicatorShortName("RSI("+RSIPeriod+")");
SetIndexLabel(0,"RSI("+RSIPeriod+")");
SetIndexLabel(1,"MA("+MAofRSI+")");
return(0);
}
//+------------------------------------------------------------------+
//| Relative Strength Index |
//+------------------------------------------------------------------+
int start()
{
int i;
int limit;
int counted_bars=IndicatorCounted();
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
//--- main loops 1 and 2
for(i=0; i < limit; i++)
{
RSIBuffer[i]=iRSI(Symbol(),0,RSIPeriod,PRICE_CLOSE,i);
}
for(i=0; i < limit; i++)
{
MAofRSIBuffer[i]=iMAOnArray(RSIBuffer,0,MAofRSI,0,MA_method,i);
}
//--- Set Object label (_____)
ObjectCreate("RSI_line", OBJ_LABEL, WindowFind("RSI("+RSIPeriod+")"), 0, 0);
ObjectSet("RSI_line", OBJPROP_CORNER,1);
ObjectSet("RSI_line", OBJPROP_XDISTANCE, 66);
ObjectSet("RSI_line", OBJPROP_YDISTANCE, 0);
ObjectSetText("RSI_line","_____", 12, "Calibri", Blue);
ObjectCreate("MA_rsi_line", OBJ_LABEL, WindowFind("RSI("+RSIPeriod+")"), 0, 0);
ObjectSet("MA_rsi_line", OBJPROP_CORNER,1);
ObjectSet("MA_rsi_line", OBJPROP_XDISTANCE, 66);
ObjectSet("MA_rsi_line", OBJPROP_YDISTANCE, 15);
ObjectSetText("MA_rsi_line","_____", 12, "Calibri", Red);
//--- Set Label RSI value
ObjectCreate("RSI_value", OBJ_LABEL, WindowFind("RSI("+RSIPeriod+")"), 0, 0);
ObjectSet("RSI_value", OBJPROP_CORNER,1);
ObjectSet("RSI_value", OBJPROP_XDISTANCE, 26);
ObjectSet("RSI_value", OBJPROP_YDISTANCE, 7);
ObjectCreate("MArsi_value", OBJ_LABEL, WindowFind("RSI("+RSIPeriod+")"), 0, 0);
ObjectSet("MArsi_value", OBJPROP_CORNER,1);
ObjectSet("MArsi_value", OBJPROP_XDISTANCE, 26);
ObjectSet("MArsi_value", OBJPROP_YDISTANCE, 23);
ObjectCreate("RSI_phase", OBJ_LABEL, WindowFind("RSI("+RSIPeriod+")"), 0, 0);
ObjectSet("RSI_phase", OBJPROP_CORNER, 1);
ObjectSet("RSI_phase", OBJPROP_XDISTANCE, 8);
ObjectSet("RSI_phase", OBJPROP_YDISTANCE,9);
ObjectCreate("MArsi_phase", OBJ_LABEL, WindowFind("RSI("+RSIPeriod+")"), 0, 0);
ObjectSet("MArsi_phase", OBJPROP_CORNER, 1);
ObjectSet("MArsi_phase", OBJPROP_XDISTANCE, 8);
ObjectSet("MArsi_phase", OBJPROP_YDISTANCE,25);
//--- Set Label RSI phase
if(RSIBuffer[0] > 50 )tColor=Green;
else tColor=Red;
ObjectSetText("RSI_value",DoubleToStr(RSIBuffer[0],2), 11, "Calibri", tColor);
//---
if(MAofRSIBuffer[0] > 50 )tColor1=Green;
else tColor1=Red;
ObjectSetText("MArsi_value",DoubleToStr(MAofRSIBuffer[0],2), 11, "Calibri", tColor1);
//---
if(RSIBuffer[0] > RSIBuffer[1])
{
tColor3=Green;
ObjectSetText("RSI_phase","p",10,"Wingdings 3", tColor3);
}
else
{
tColor3=Red;
ObjectSetText("RSI_phase","q",10,"Wingdings 3", tColor3);
}
//---
if(MAofRSIBuffer[0] > MAofRSIBuffer[1])
{
tColor4=Green;
ObjectSetText("MArsi_phase","p",10,"Wingdings 3", tColor4);
}
else
{
tColor4=Red;
ObjectSetText("MArsi_phase","q",10,"Wingdings 3", tColor4);
}
return(0);
}
//+------------------------------------------------------------------+
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