In my opinion, Welles Wilder RSI (Relative Strength Index) is a great momentum oscillator that works fine for small periods values (from 2 to 20).
The proposed RSI
The main idea of the proposed RSI is better detect the signal overbought/oversold situations using larger periods for better trend detection in any timeframe.
For this, I did some changes to it performe as good for greater periods, like 120, introducing a gain variable.
So, if you use 120 period in original Wilder RSI, you can inject a gain to see the graph as well as small periods.
– period: original RSI period
– gain: gain injected for greater periods better visualization
Example 1: the advantage of larger periods using Wilder RSI gain injection in EUR/USD H1
MT4 Indicator Download – Instructions
Figurelli RSI is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Figurelli RSI provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Figurelli RSI.mq4?
- Download Figurelli RSI.mq4
- Copy Figurelli RSI.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Figurelli RSI.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Figurelli RSI.mq4 is available on your Chart
How to remove Figurelli RSI.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: