Zig Zag Ma Rsi Signal1
- Indicatori
- Hasan Mecit
- Versione: 1.0
- Attivazioni: 5
This code creates a custom indicator for the MetaTrader 5 platform. The indicator generates strong buy and sell signals using a combination of ZigZag, Moving Average (MA), and Relative Strength Index (RSI). Here’s a detailed explanation of the code:
Indicator Definition and Features:
-
The indicator is displayed in the chart window.
-
It uses 5 indicator buffers and 3 plots.
-
Separate graphs are defined for ZigZag, buy signals, and sell signals.
Input Parameters:
-
Various parameters are defined for ZigZag, MA, and RSI (depth, deviation, period, etc.).
Indicator Buffers:
-
Buffers are created for ZigZag, buy signals, sell signals, MA, and RSI.
OnInit() Function:
-
Indicator buffers are set up.
-
Arrow codes for buy and sell signals are specified.
-
Handles for ZigZag, MA, and RSI indicators are created.
OnCalculate() Function:
-
ZigZag, MA, and RSI values are copied.
-
Signals are calculated for each bar:
-
Buy signal: ZigZag is rising, the closing price is above the MA, and RSI is below the lower level.
-
Sell signal: ZigZag is falling, the closing price is below the MA, and RSI is above the upper level.
-
OnDeinit() Function:
-
Indicator handles are released.
How the Indicator Works:
-
ZigZag identifies significant turning points in price movements.
-
MA shows the general trend direction.
-
RSI determines overbought/oversold conditions.
A buy signal occurs when the price starts to rise, closes above the MA, and RSI exits the oversold zone. A sell signal occurs under the opposite conditions.
This indicator aims to identify potentially strong buy and sell opportunities by combining trend-following and momentum strategies.
