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Plotting RSI of Moving Averages on the Price Chart

Article MQL5 code base
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Summary

This note describes an RSI variant calculated from a moving average rather than raw prices, displayed directly over the price chart. A highest-high/lowest-low channel provides the plotting method, placing the oscillator in the price window instead of a separate panel. The moving average can be selected from simple, exponential, smoothed, or linear weighted types.

The indicator is intended to be used like other RSI-of-moving-average tools. It also offers three coloring modes to help interpret its display. The note gives no chart example, trading rules, parameter settings, or performance evidence, so it does not establish when the overlay is useful or whether it improves decisions. Traders would need to evaluate the display and its settings for their own instruments and time frames.

Key ideas

  • The indicator computes RSI from a moving average rather than directly from raw prices.
  • A highest-high/lowest-low channel is used to display the oscillator on the price chart.
  • The moving average can be simple, exponential, smoothed, or linear weighted.
  • Three coloring modes are offered, but the note does not explain their interpretation or provide performance evidence.

Tags

Technical indicators

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.