If you're diving into the world of technical analysis, you've probably come across the RSI (Relative Strength Index). Today, we're going to break down the RSI Histogram and how it can enhance your trading on MetaTrader 5.
What is the RSI Histogram?
The RSI Histogram takes the standard RSI oscillator and presents it in a more digestible format by rounding its values. Here's how the rounding works:
- 1: No rounding;
- 2: Values from 0 to 100 are divided by 2;
- 5: Values from 0 to 100 are divided by 5;
- 10: Values from 0 to 100 are divided by 10;
- 20: Values from 0 to 100 are divided by 20;
- 50: Only 0, 50, and 100.
So, if your RSI values are less than 50, they’ll be rounded down. On the flip side, if they exceed 50, they’ll be rounded up. This can give you a clearer view of market momentum.
How to Set Up Rounding
To customize the rounding level in your RSI Histogram, you’ll use the following input:
Fig.1. RSI Histogram Round indicator
By utilizing this indicator, you can streamline your analysis and make well-informed trading decisions. Happy trading!
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