This indicator is a modified version of the Relative Strength Index (RSI) that can be placed on a chart having another timeframe. It also allows users to change RSI and the signal line’s smoothing algorithms.
The main difference of this indicator from its standard equivalent is the possibility to change the smoothing algorithm by selecting an appropriate one out of ten algorithms present:
SMA – simple moving average;
EMA – exponential moving average;
SMMA – smoothed moving average;
LWMA – linear weighted moving average;
JJMA – JMA adaptive average;
JurX – ultralinear smoothing;
ParMA – parabolic smoothing;
T3 – Tillson’s multiple exponential smoothing;
VIDYA – smoothing with the use of Tushar Chande’s algorithm;
AMA – smoothing with the use of Perry Kaufman’s algorithm.
It should be noted that Phase parameter has completely different meaning for different smoothing algorithms.
For JMA it is an external Phase variable changing from -100 to +100.
For T3 it is a smoothing ratio multiplied by 100 for better visualization;
For VIDYA it is a CMO period, for AMA it is a slow EMA period;
For AMA fast EMA period is a fixed value and is equal to 2 by default. The ratio of raising to the power is also equal to 2 for AMA.
It is quite natural that some smoothing variants require some different interpretation of the indicator signals. Oversold/overbought levels are indicated in dynamically changing variant based on the Bollinger Bands to provide more accurate work with them.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
Place XRSX_BB indicator to the terminal_folder\MQL5\Indicators.Â
