Hey fellow traders! Today, I’m excited to dive into the Sylvain Vervoort RSI Inverse Fisher Transform, a powerful indicator designed for MetaTrader 5. This tool is built upon the innovative Rainbow Moving Average, making it a must-try for anyone looking to enhance their trading strategy.
What’s great about this indicator is its flexibility. It comes with five adjustable parameters to fine-tune your trading experience:
- SVRMA Period: This sets the calculation period for the Rainbow Moving Average.
- RSI Period: Configure the period for your RSI calculations.
- MA Period: This is the smoothing period you can adjust for better accuracy.
- Overbought Level: Define the threshold for overbought conditions.
- Oversold Level: Set the level for identifying oversold conditions.
Here’s a peek into the calculations behind the scenes:
SVRSI = ((Pow(2.71828183,2 * ZeroLagEMA)-1.0) / (Pow(2.71828183,2 * ZeroLagEMA)+1.0) + 1.0) * 50.0
Where:
ZeroLagEMA = SmMA1 + (SmMA1 - SmMA2)
SmMA1 = EMA(RSI, MA period)
SmMA2 = EMA(SmMA1, MA period)
RSI = 0.1 * (TmpRSI - 50.0)
TmpRSI = RSI(RMA, RSI period)
RMA = Rainbow Moving Average (SVRMA period)
You don’t even need to have the Rainbow Moving Average installed in your terminal because this indicator calculates everything independently!
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