This ReadMe file provides an overview and explanation of the code for the RsiColoredCandles indicator in MQL5. Please note that ForexRobotEasy is not the official developer of this product. We are only providing a sample code that can work as described in the product.
The RsiColoredCandles indicator is an advanced indicator designed to enhance forex trading. It uses the Relative Strength Index (RSI) to identify overbought and oversold levels in the market. The indicator then colors the candles on the chart based on the RSI values, providing visual cues for trading decisions.
This indicator allows traders to easily identify potential buying and selling opportunities based on the RSI levels. When the RSI is above the overbought level (default: 70), the indicator colors the candles to indicate a potential sell signal. Conversely, when the RSI is below the oversold level (default: 30), the indicator colors the candles to indicate a potential buy signal.
The RsiColoredCandles indicator has the following input parameters:
rsiPeriod(default: 14): The period length for calculating the RSI.overboughtLevel(default: 70): The RSI level above which the indicator considers the market to be overbought.oversoldLevel(default: 30): The RSI level below which the indicator considers the market to be oversold.
The OnInit() function is the custom indicator initialization function. It sets up the indicator buffers and assigns the RSI values to the buffer. The buffer is used to store the RSI values for each candle.
The OnCalculate() function is the custom indicator iteration function. It calculates the RSI values using the iRSI function and assigns the values to the buffer. It then iterates through the candles on the chart and colors them based on the RSI values.
If the RSI value is above the overbought level, the indicator colors the candles to indicate a potential sell signal. If the RSI value is below the oversold level, the indicator colors the candles to indicate a potential buy signal.
The function also recommends buying or selling based on the current candle color. If the RSI value of the last candle is above the overbought level, the function prints the recommendation 'SELL'. If the RSI value of the last candle is below the oversold level, the function prints the recommendation 'BUY'.
Please note that ForexRobotEasy is not the official developer of this product. We are only providing a sample code that can work as described in the product. To find the official developer of this product, please use MQL5.
For detailed reviews and trading results of this product, please visit https://forexroboteasy.com/forex-robot-review/rsicoloredcandles-review-enhance-forex-trading-with-advanced-indicator/