That is the point, subjective signals like hand drawn trend lines are interpretive. Given the same trading chart 10 traders might select 10 different places to draw their trend lines. Although there are rules to drawing trend lines, nearly everyone draws them differently. Most of us are aware of subjective trading signals because most of us learn from others who are using these signals who learned them from others. If you are unfamiliar with this I will attempt to explain the difference in this article and provide and example of an objective signal using The RSI Paint Indicator. Translated from Russian by MetaQuotes Software Corp.Much is being written these days about objective and subjective trade entry methods. Shortened histogram of the Delta_RSI indicator Full histogram of the Delta_RSI indicatorįig.2. Originally this indicator has been written in MQL4 and was first published in the Code Base on.
4 - Difference between two RSI (MACDRSI). 1 - color indicator buffer with three color states. The indicator has 5 buffers that can be used at your discretion. - input uint Level= 50 // Signal Level //- input int Shift= 0 // Horizontal indicator shift in bars - input uint RSIPeriod2= 50 // Slow RSI Period input ENUM_APPLIED_PRICE RSIPrice2= PRICE_CLOSE +-+ //| Indicator input parameters | //+-+ input TypeGraph TypeGr=Histogram // Type graph //- input uint RSIPeriod1= 14 // Fast RSI Period input ENUM_APPLIED_PRICE RSIPrice1= PRICE_CLOSE If the slow RSI is less than 50, and the fast RSI is less than the slow RSI - paint the histogram in oversold color.Īl settings can be customized: colors, signal level (50), periods of the slow and fast RSI, histogram display type. 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. 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). Trend analyzer based on the difference of two RSI oscillators with different periods.
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