You can now download the RSIOMA indicator for free on AtoZ Markets indicators gallery.
RSIOMA MetaTrader indicator takes two moving averages, calculates their RSI (Relative Strength Index) and then adds a moving average of the calculated RSI. These two lines now can accurately signal the trend changes. They are shown in the separate window where they change from 0 to 100. Additional histogram indicator is shown for quick reference below the lines.
RSIOMA (default = 14) — the period of the RSI and the moving averages that are used to calculate the RSI. Increase for smoothness, decrease for signal frequency.
RSIOMA_MODE (default = MODE_EMA) — mode of the moving averages used for RSI.
RSIOMA_PRICE (default = PRICE_CLOSE) — price levels used to calculate moving averages that are used for RSI.
Ma_RSIOMA (default = 21) — the period of the moving average of the RSI.
Ma_RSIOMA_MODE (default = MODE_EMA) — the mode of the moving average of the RSI.
Other parameters — configure the color settings and the trigger levels for the lines. It’s highly recommended not to change them.
How to trade with RSIOMA
On the picture the bold blue line is RSI of the moving averages, the thin violet line is its moving average. RSI above MA and RSI above level 50 is a signal of a bullish trend. RSI below MA and RSI below level 50 is a signal of a bearish trend. One can also buy when the RSI breaks level 20 from below and sell when RSI breaks level 80 from above, but those are weaker signals. Histogram provides quick reference. Green lines signal BUY, red signal SELL, magenta mean overbought, blue mean oversold.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “RSIOMA v2” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.