Real author:

Tor

Trend analyzer based on the difference of two RSI oscillators with different periods.

The indicator will be useful for those who analyze two RSI indicators with different periods (fast and slow), their relative positions, as well as the location of the slow RSI relative to the specified level (for example, 50).

That is, if the slow RSI is greater than 50, and the fast RSI is greater than the slow RSI — paint the histogram in overbought color.

If the slow RSI is less than 50, and the fast RSI is less than the slow RSI — paint the histogram in oversold color.

Al settings can be customized: colors, signal level (50), periods of the slow and fast RSI, histogram display type.

//+----------------------------------------------+
//| Indicator input parameters                   |
//+----------------------------------------------+
input TypeGraph            TypeGr=Histogram; // Type graph
//---
input uint                 RSIPeriod1=14;    // Fast RSI Period
input ENUM_APPLIED_PRICE   RSIPrice1=PRICE_CLOSE;
//---
input uint                 RSIPeriod2=50;    // Slow RSI Period
input ENUM_APPLIED_PRICE   RSIPrice2=PRICE_CLOSE;
//---
input uint                 Level=50;         // Signal Level
//---
input int                  Shift=0;          // Horizontal indicator shift in bars

The indicator has 5 buffers that can be used at your discretion.

• 0 — Indicator buffer;
• 1 — color indicator buffer with three color states;
• 2 — RSI fast;
• 3 — RSI slow;
• 4 — Difference between two RSI (MACDRSI).

Originally this indicator has been written in MQL4 and was first published in the Code Base on 27.09.2016.

Fig1. Full histogram of the Delta_RSI indicator

Fig.2. Shortened histogram of the Delta_RSI indicator