This code is a custom indicator for MetaTrader 5 that combines the Relative Strength Index (RSI) and Market Cycle indicators to generate trading signals. It is based on the 'Better RSI' indicator developed by TradeCalmly.
The indicator calculates the RSI and Market Cycle values based on the specified input parameters. It then stores these values in buffer arrays for further analysis. The RSI and Market Cycle values are used to generate trading signals.
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RSI_Period: The period length for calculating the RSI. Default value is 14.
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RSI_Method: The smoothing method for the RSI. Default value is Simple Moving Average (MODE_SMA).
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RSI_Threshold: The overbought/oversold threshold for the RSI. Default value is 70.
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Market_Cycle_Period: The period length for calculating the Market Cycle. Default value is 10.
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Market_Cycle_Method: The smoothing method for the Market Cycle. Default value is Simple Moving Average (MODE_SMA).
In the initialization function OnInit(), the indicator buffers are mapped and initialized with empty values. The indicator labels are also set.
In the tick function OnTick(), the RSI and Market Cycle values are calculated using the iRSI() and iMA() functions respectively. These values are then stored in the buffer arrays.
Trading signals are generated based on the RSI and Market Cycle values. If the RSI is below the overbought/oversold threshold and the Market Cycle is positive, a bullish signal is generated (Buy). If the RSI is above (100 - RSI_Threshold) and the Market Cycle is negative, a bearish signal is generated (Sell).
The trading signals are displayed using the Print() function.
In the deinitialization function OnDeinit(), the indicator buffers are freed.
The 'Better RSI' indicator with Market Cycle by TradeCalmly combines the power of the RSI and Market Cycle indicators to provide accurate trading signals. This indicator can be used on any financial instrument and time frame.
The RSI is a popular momentum oscillator that measures the speed and change of price movements. It is used to identify overbought and oversold conditions in the market. The Market Cycle indicator helps identify the current market phase, whether it is trending or ranging.
By combining these two indicators, the 'Better RSI' indicator with Market Cycle provides more reliable trading signals. It helps traders identify potential buying or selling opportunities based on the RSI and Market Cycle conditions.
This code is a sample implementation of the 'Better RSI' indicator with Market Cycle. It is not the official product developed by TradeCalmly. To find the official developer of this product and access detailed reviews and trading results, please visit forexroboteasy.com.
Please note that ForexRobotEasy is not the official developer of this product. We only provide sample code that can work as described in the official product. To obtain the official version of this indicator and receive support, please visit the MQL5 marketplace or contact the official developer.