CustomRsi50
- Indicators
- Francesco Capurso
- Version: 1.4
- Updated: 6 September 2024
CustomRSI50 - Custom RSI Indicator with Level 50
Description
CustomRSI50 is a custom technical indicator based on the popular Relative Strength Index (RSI). This indicator offers a clear and customizable visualization of RSI with a particular emphasis on the level 50, which is crucial for many traders in momentum analysis.
Key Features
- Configurable RSI period
- Highlighted level 50 reference
- Customizable applied price type
- Display in separate window
- Fixed scale from 0 to 100 for easy interpretation
Customizable Parameters
- RSI_Period: Allows setting the period for RSI calculation (default: 14)
- applied_price: Allows selecting the price type for calculation (default: Close price)
How to Use CustomRSI50
- Apply the indicator to any chart in your MetaTrader 5
- Customize the RSI period and price type according to your preferences
- Observe the RSI movement in relation to the 50 level:
- Values above 50 indicate bullish momentum
- Values below 50 indicate bearish momentum
Advantages
- Clear visualization of market momentum
- Easy identification of trend changes around level 50
- Customization to adapt to various trading strategies
CustomRSI50 is the ideal tool for traders who want a clear and customizable RSI analysis, with a particular focus on the critical level 50.
Note
This indicator is provided free of charge to the trading community. Please leave feedback or a rating if you find it useful in your trading.
Changelog
Version 1.4 - 06/09/2024
- Fixed display issue causing interruption in the RSI line.
- Improved buffer initialization for more accurate RSI value representation across the chart.
- Optimized RSI calculation for greater precision.
- Added debug output to facilitate troubleshooting of potential future issues.
- Enhanced data handling for smoother indicator visualization.
These updates significantly improve the stability and accuracy of the CustomRSI50 indicator, providing a more reliable visualization of market momentum.