RSI_Candle_Vol – indicator MetaTrader 5

RSI_Histogram_Vol indicator in the candlestick form. Candlesticks appear as a result of relevant price timeseries processed by the indicator algorithm. In many situations, such approach may be more informative for the purpose of analysis.

In this version of the indicator, it is more reasonable to apply only one overbought and oversold level. The channel formed between these levels is colored lavender-blue and all candles closed inside this channel are colored classic green and red colors depending on the direction of the candle. Candles closed outside the channel are either aquamarine-blue or pink-brown, depending on their direction to the channel.

//+-----------------------------------------+
//|  INDICATOR INPUT PARAMETERS             |
//+-----------------------------------------+
input uint                RSIPeriod=14;             // indicator period
input ENUM_APPLIED_VOLUME VolumeType=VOLUME_TICK;   // volume 
input int                 HighLevel=+15;            // overbought level
input int                 LowLevel=-15;             // oversold level
input uint                Gap=10;                   // unconsidered gap in points
input int                 Shift=0;                  // Horizontal indicator shift in bars

Fig. 1. RSI_Candle_Vol