Author: Tor
Hey fellow traders! Today, we're diving into the Delta_RSI indicator for MetaTrader 5, a handy tool for analyzing market trends.
The Delta_RSI works by comparing two Relative Strength Index (RSI) oscillators with different periods: one fast and one slow. This setup helps you understand their relative positions and how the slower RSI behaves in relation to a key level—like the 50 mark.
Here's how it works: when the slow RSI is above 50 and the fast RSI is greater than the slow RSI, the histogram turns an overbought color. Conversely, if the slow RSI is below 50 and the fast RSI is lower than the slow, it paints the histogram in an oversold color.
What’s great is that you can customize all the settings: from colors to the signal level (50), and the periods for both the fast and slow RSIs, even how the histogram displays.
//+----------------------------------------------+ //| Indicator input parameters | //+----------------------------------------------+ input TypeGraph TypeGr=Histogram; // Type graph //--- input uint RSIPeriod1=14; // Fast RSI Period input ENUM_APPLIED_PRICE RSIPrice1=PRICE_CLOSE; //--- input uint RSIPeriod2=50; // Slow RSI Period input ENUM_APPLIED_PRICE RSIPrice2=PRICE_CLOSE; //--- input uint Level=50 // Signal Level //--- input int Shift=0 // Horizontal indicator shift in bars
This indicator features five buffers that you can utilize as needed:
- 0 — Main indicator buffer;
- 1 — Color indicator buffer with three color states;
- 2 — Fast RSI;
- 3 — Slow RSI;
- 4 — The difference between the two RSIs (MACDRSI).
Fun fact: this indicator was originally coded in MQL4 and made its debut on the Code Base back on September 27, 2016.
Fig1. Full histogram of the Delta_RSI indicator
Fig.2. Shortened histogram of the Delta_RSI indicator