RSI_Slowdown – indicator MetaTrader 5

Semaphore signal indicator based on the RSI indicator, which features alerts, sending emails and push-notifications to mobile devices.

The indicator is based on the idea that the price reversal is preceded by a reduction in indicator change rate and its reversal. For this purpose, it searches for the intervals where the price begins to stagnate in the overbought or oversold area of the fast RSI indicator.

The indicator provides the ability to mark these areas with arrows on the chart. It is also possible to disable searching for the RSI slowdowns. In that case, the indicator will simply display exceedance of the RSI levels specified in the settings — LevelMax and LevelMin.

//+----------------------------------------------+
//| Indicator input parameters                   |
//+----------------------------------------------+
input uint RSIPeriod=2;                         // RSI Period
input ENUM_APPLIED_PRICE RSI_Price=PRICE_CLOSE; // RSI Price
input double LevelMax=90;                       // Signal Level Max
input double LevelMin=10;                       // Signal Level Min
input bool SeekSlowdown=true;                   // Seek Slowdown
input int Shift=0;                              // Horizontal indicator shift in bars
//---- Input variables for alerts 
input uint NumberofBar=1;                       // Bar number for the signal
input bool SoundON=true;                        // Enable alerts
input uint NumberofAlerts=2;                    // Number of alerts
input bool EMailON=false;                       // Enable mailing the signal
input bool PushON=false;                        // Enable sending the signal to mobile devices

Originally this indicator has been written in MQL4 and was first published in the Code Base on 05.10.2016.

Fig1. The RSI_Slowdown indicator

Fig.2. The RSI_Slowdown indicator generating alert