You can now download the Strength oscillator Forex MT5 Indicator for free on the AtoZ Markets indicators gallery.
The indicator specifies the point of a daily range the price is located in. Based on the information, traders can assume further price movement and adjust their strategy accordingly.
It has four inputs:
- Calculating mode – calculation method
- HLC – by High, Low and Close prices
- RSI – RSI based on HLC
- RSI period – RSI calculation period
- Overbought – overbought level
- Oversold – oversold level
The calculation is as follows:
If Calculation mode = HLC, Internal Strength = Data
If Calculation mode = RSI, Internal Strength = RSI (Data,RSI period)
Data = (Close – Low[i]) / HL HL = High – Low
Currency Pairs: any
Trading Session: any
How to download and install an indicator?
In order to install the indicator on your MT5 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into MT5>Indicator folder of the MetaTrader5 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Strength oscillator Forex MT5 Indicator” template to apply it on the chart.
Note: This indicator was developed by Jack. AtoZ Markets does not carry any copyrights over this trading tool.