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Using RSI with On-Chart Support and Resistance Levels

Article MQL5 code base
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Summary

This brief indicator description combines a standard Relative Strength Index display with support and resistance levels drawn on the chart. It says the RSI can be used in the usual way and that changes in the indicator's color may also be treated as signals. The document points to a separate explanation of the method for plotting support and resistance, but does not include that explanation here.

No parameter settings, entry or exit rules, chart example details, or test results are provided in the text. As a result, it describes a visual indicator concept rather than a fully specified trading system. The color changes may offer a discretionary cue, but the document does not define how to act on them or show whether they add value beyond ordinary RSI use. Traders would need to establish precise rules and evaluate them on relevant data before drawing conclusions about performance.

Key ideas

  • The indicator displays RSI together with support and resistance levels on the price chart.
  • The RSI can be used conventionally, while its color changes are suggested as possible signals.
  • The detailed support and resistance plotting method is outside the provided description.
  • The document gives no parameters, formal trading rules, or performance evidence.

Tags

Technical indicatorsEquitiesMean reversion

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