multisymbol_color-RSI_LQ_1[1].0
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This tool is designed to provide a visual representation of market momentum by analyzing the Relative Strength Index (RSI) of a specific currency pair. Instead of showing you the standard, sometimes cluttered RSI line, this script translates those numerical values into a color-coded histogram that helps you identify market sentiment at a glance.
Core Functionality
The logic works by monitoring the "strength" of price movements over a user-defined period (defaulting to 40). It evaluates where the current price action sits relative to a central equilibrium point and translates that position into specific colors:
- Green Shades (Bullish Momentum): When the market shows positive strength, the tool uses different shades of green. The specific shade depends on how high the momentum is; as the value climbs further above the midpoint, the color intensity changes to reflect stronger upward movement.
- Red Shades (Bearish Momentum): Conversely, when the market shows negative strength, the tool uses various shades of red. Similar to the bullish side, these colors shift based on how deep the price action falls below the midpoint, indicating the severity of the downward trend.
- White/Neutral (Ranging Market): If the momentum is relatively flat and hovering near the middle—neither showing significant strength nor weakness—the tool displays a white block. This signifies a "ranging" or neutral market state.
Key Features for Users
- Multi-Symbol Capability: While you are looking at one chart, you can configure the script to display the data of a different currency pair by entering its name in the settings.
- Inversion Toggle: The logic includes an "invert strength" option, which allows you to flip the readings if you prefer to view the market momentum from an opposite perspective.
- Visual Clarity: By using a histogram of colored blocks rather than a standard line, the tool allows for a quicker psychological interpretation of the market: Red means pressure is downward, Green means pressure is upward, and White means the market is undecided.
Price Data Components
Indicators Used
Miscellaneous
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multisymbol_color-RSI_LQ_1[1].0
//+------------------------------------------------------------------+
//| multisymbol_color-RSI_1.0.mq4 |
//| Lq_sunshine |
//| http://www.forex-tsd.com |
//+------------------------------------------------------------------+
#property indicator_separate_window
#property indicator_buffers 8
#property indicator_color1 C'162,208,162'
#property indicator_color2 C' 90,185, 90'
#property indicator_color3 C' 23,139, 23'
#property indicator_color4 C'255,255,255'
#property indicator_color5 C'255,185,185'
#property indicator_color6 C'255,115,115'
#property indicator_color7 C'255, 76, 76'
#property indicator_color8 C'255, 32, 32'
extern int Periode=40;
extern bool invert_strength = 0;
extern string CurrencyPair = "";
extern string NOTE0 = "enter currencypair in uppercase";
extern string NOTE1 = "like EURUSD";
extern string NOTE2 = "leave empty for current symbol";
extern string NOTE3 = "if you have a mini account";
extern string NOTE4 = "add a \"m\" e.g EURUSDm ";
//---- buffers
double ExtBuffer0[];
double ExtBuffer1[];
double ExtBuffer2[];
double ExtBuffer3[];
double ExtBuffer4[];
double ExtBuffer5[];
double ExtBuffer6[];
double ExtBuffer7[];
double ExtBuffer8[];
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
int init()
{
SetIndexBuffer(0,ExtBuffer0);
SetIndexBuffer(1,ExtBuffer1);
SetIndexBuffer(2,ExtBuffer2);
SetIndexBuffer(3,ExtBuffer3);
SetIndexBuffer(4,ExtBuffer4);
SetIndexBuffer(5,ExtBuffer5);
SetIndexBuffer(6,ExtBuffer6);
SetIndexBuffer(7,ExtBuffer7);
SetIndexStyle(0,DRAW_HISTOGRAM, EMPTY, 4, C'162,208,162');
SetIndexStyle(1,DRAW_HISTOGRAM, EMPTY, 4, C'90,185,90');
SetIndexStyle(2,DRAW_HISTOGRAM, EMPTY, 4, C'23,139,23');
SetIndexStyle(3,DRAW_HISTOGRAM, EMPTY, 4, C'255,255,255');
SetIndexStyle(4,DRAW_HISTOGRAM, EMPTY, 4, C'255,185,185');
SetIndexStyle(5,DRAW_HISTOGRAM, EMPTY, 4, C'255,115,115');
SetIndexStyle(6,DRAW_HISTOGRAM, EMPTY, 4, C'255,76,76');
SetIndexStyle(7,DRAW_HISTOGRAM, EMPTY, 4, C'255,32,32');
for (int i=0;i<indicator_buffers;i++) SetIndexLabel(i,NULL);
if (CurrencyPair == "") CurrencyPair = Symbol();
if (iClose(CurrencyPair,0,0) == 0)
CurrencyPair = Symbol();
IndicatorShortName(CurrencyPair+"("+Periode+")");
return(1);
}
int deinit()
{
return(0);
}
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//---- check for possible errors
if (counted_bars<0) return(-1);
//---- last counted bar will be recounted
if (counted_bars>0) counted_bars--;
int pos=Bars-counted_bars;
double ddraw;
//---- main calculation loop
while(pos>=0)
{
ddraw= iRSI(CurrencyPair,0,Periode,PRICE_CLOSE,pos);
if (invert_strength==1)
ddraw=ddraw-(ddraw-50)*2; //---- Inversion of the RSI
if(ddraw<=48) //---- RSI <= 48 draws RED blocks
if(ddraw<=48&&ddraw>44)
drawblock(0,0,0,0,5,0,0,0,pos);
else if(ddraw<=44&&ddraw>39)
drawblock(0,0,0,0,0,5,0,0,pos);
else if(ddraw<=39&&ddraw>35)
drawblock(0,0,0,0,0,0,5,0,pos);
else
drawblock(0,0,0,0,0,0,0,5,pos);
else if(ddraw>=52) //---- RSI >= 52 draws green blocks
if(ddraw>52&&ddraw<56)
drawblock(5,0,0,0,0,0,0,0,pos);
else if(ddraw>=56&&ddraw<60)
drawblock(0,5,0,0,0,0,0,0,pos);
else
drawblock(0,0,5,0,0,0,0,0,pos);
else
drawblock(0,0,0,5,0,0,0,0,pos); //---- draw white block if there chart is ranging
pos--;
}
//----
return(0);
}
void drawblock(int a,int b,int c,int d,int e,int f,int g,int h,int pos)
{
ExtBuffer0[pos]=a;
ExtBuffer1[pos]=b;
ExtBuffer2[pos]=c;
ExtBuffer3[pos]=d;
ExtBuffer4[pos]=e;
ExtBuffer5[pos]=f;
ExtBuffer6[pos]=g;
ExtBuffer7[pos]=h;
}
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