"Figuelli RSI" MT4 Indicator
RSI (Relative Strength Index) is the most popular oscillator type of indicator used in technical analysis.
One of the additions to the standard RSI is the "FiguelliRSI" - developed by Rogerio and Figuelli. This indicator for MT4 has unique features not found in the conventional RSI.
Example of using this indicator on the EURUSD 1-hour chart
The biggest feature of "FiguelliRSI" is the parameter "Gain." With the normal RSI, if you set a value higher than 100 for the calculation period, it will be quite smooth (see the image below, in this case, 120 is applied). This also makes it impossible to judge the overbought/oversold status unique to the RSI.
FiguelliRSI solves this problem. "FiguelliRSI" uses a unique parameter called "gain," so even if a high numerical value is applied to the calculation period, it will not be smooth. This makes it easier to judge the overbought and oversold states of the market. If you look at the image below, you can see the difference compared to the normal RSI.
Tips for using:
Use it to judge overbought/oversold status like the standard RSI. In addition, you can draw a trend line on the RSI and use it for trading. Also, changing the value of the parameter "Gain" will change the behavior of the indicator considerably. For example, a gain value of 1 is the same as normal RSI. Conversely, if you increase the gain value, even if a high value is applied during the calculation period, it will not be that smooth.
- period - The period used for RSI calculation
- gain - The value used for RSI calculation (explained in the text above)
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.