Rsi_R2_Opt_Indicator

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Rsi_R2_Opt_Indicator

This indicator is designed to help traders identify potential entry and exit points by analyzing price trends, momentum, and volatility. It uses a multi-layered logic system that combines moving averages with the Relative Strength Index (RSI) to generate visual signals on a trading chart.

Core Components of the Logic

1. Trend Filtering The script utilizes two primary types of moving averages to determine the overall "direction" of the market:

  • Trend Moving Average: This acts as the baseline for the current trend. The indicator checks whether the price is currently above or below this line to ensure trades are taken in the direction of the broader momentum.
  • Hull Moving Average (Optional): An advanced smoothing filter that can be toggled on or off. When active, it adds an extra layer of confirmation by measuring the "difference" in price movement. It ensures that a signal is only generated if the market's immediate velocity aligns with the desired move.

2. Momentum Tracking (RSI Logic) The tool focuses heavily on the Relative Strength Index (RSI) to detect specific patterns over a three-day sequence. Rather than looking at a single point in time, it looks for a progression:

  • For Buy Signals: It looks for three consecutive days where the RSI values are consistently decreasing and stay below a specific threshold. This suggests the market is becoming "oversold" or reaching a point of exhaustion where a reversal upward might occur.
  • For Sell Signals: It looks for three consecutive days where the RSI values are consistently increasing and stay above a specific threshold, suggesting the market is "overbought."

Visual Signals and Alerts

The indicator translates these complex calculations into clear visual cues on your chart:

  • Buy Arrows: These appear when the price is above the Trend Moving Average, the RSI shows a three-day downward progression in an oversold state, and (if enabled) the Hull Filter confirms the momentum shift.
  • Sell Arrows: These appear when the price is below the Trend Moving Average, the RSI shows a three-day upward progression in an overbought state, and the Hull Filter confirms the downward momentum.
  • Close Trade Markers: These are distinct markers that suggest it may be time to exit an existing position. They trigger when the RSI reaches extreme levels (either very high for buy positions or very low for sell positions), signaling that the current move may be losing steam.

Automated Notifications

The script includes a built-in alert system. When a new Buy Arrow, Sell Arrow, or Close Marker appears on the current live candle, the software will trigger an audible sound notification to alert the trader immediately without needing to watch the screen constantly.

Price Data Components
Series array that contains close prices for each barSeries array that contains the highest prices of each barSeries array that contains the lowest prices of each bar
Indicators Used
Moving average indicatorMoving average indicatorRelative strength index
Miscellaneous
Implements a curve of type %1It plays sound alerts
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0 Downloads
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Rsi_R2_Opt_Indicator 
//+---------------------------------------------------------------------------------------------+
//|                                                                    Rsi_R2_Opt_Indicator.mq4 |
//| Copyright © 2007 , http://finance.groups.yahoo.com/group/MetaTrader_Experts_and_Indicators/ |
//|                    http://finance.groups.yahoo.com/group/MetaTrader_Experts_and_Indicators/ |
//+---------------------------------------------------------------------------------------------+

#property copyright "Copyright © 2007 , http://finance.groups.yahoo.com/group/MetaTrader_Experts_and_Indicators/"
#property link      "http://finance.groups.yahoo.com/group/MetaTrader_Experts_and_Indicators/"

//+------------------------------------------------------------------------------------------------------------+
//| http://www.tradingmarkets.com/.site/stocks/commentary/editorial/The-Improved-R2-Strategy.cfm               |
//| introduced to http://finance.groups.yahoo.com/group/MetaTrader_Experts_and_Indicators/                     |
//| by Peter , blackprinzze , blackprinzze@yahoo.com , for a complimentary build in .mq4                       |
//| built by transport_david                                                                                   |
//| This version should be able to match the AnyMA_RSI_R2_EA_Opt.mq4 expert ( Peter , Bluto , Robert , Loren ) |                        |
//+------------------------------------------------------------------------------------------------------------+

#property indicator_chart_window

#property indicator_buffers 5

#property indicator_color1 DeepSkyBlue
#property indicator_color2 Coral
#property indicator_color3 White
#property indicator_color4 SlateGray
#property indicator_color5 Pink

extern bool   Play_Alert          =    true;

extern string s0 = "---------------";
extern string t0 = "Hull Moving Average Filter";
extern bool   Use_Hull_Filter     =    true;
extern int    Hull_Periods        =     200;
extern int    Hull_Applied_Price  =       0;
extern int    Hull_Separation_Pips=       1;

extern string s1 = "---------------";
extern string t1 = "Trend Moving Average";
extern int    Ma_Periods          =     200;
extern int    Ma_Type             =       0;
extern int    Ma_Applied_Price    =       0;

extern string s2 = "---------------";
extern int    RsiPeriods          =       2;
extern int    Rsi_Applied_Price   =       0;

extern string s3 = "---------------";
extern int    BuyIfDay1RsiBelow   =      65; // 1st day of tracking must be < this setting
extern int    BuyIfDay3RsiBelow   =      65; // 3rd day must be < this setting

extern string s4 = "---------------";
extern int    SellIfDay1RsiAbove  =      35; // 1st day of tracking must be > this setting
extern int    SellIfDay3RsiAbove  =      35; // 3rd day must be > this setting

extern string s5 = "---------------";
extern int    CloseBuyIfRsiAbove  =      75;
extern int    CloseSellIfRsiBelow =      25;

extern string s6 = "---------------";
extern int    ShowBars            =   10000;

double Trend_Ma[];
double Sell_Arrow[];
double Buy_Arrow[];
double Close_Trade_Marker[];
double Calc[];
double Hull_MA[];

double prevtime;
double goober;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- indicators
   
   IndicatorBuffers(6);
   
   SetIndexEmptyValue(0,0.0);
   SetIndexStyle(0,DRAW_LINE,STYLE_SOLID,2);
   SetIndexBuffer(0,Trend_Ma);
   SetIndexLabel(0,"Trend_Ma ( "+Ma_Periods+" )");
   
   SetIndexEmptyValue(1,0.0);
   SetIndexStyle(1,DRAW_ARROW,STYLE_SOLID,1);
   SetIndexArrow(1,234);
   SetIndexBuffer(1,Sell_Arrow);
   SetIndexLabel(1,"R2_Sell_Arrow");
   
   SetIndexEmptyValue(2,0.0);
   SetIndexStyle(2,DRAW_ARROW,STYLE_SOLID,1);
   SetIndexArrow(2,233);
   SetIndexBuffer(2,Buy_Arrow);
   SetIndexLabel(2,"R2_Buy_Arrow");
   
   SetIndexEmptyValue(3,0.0);
   SetIndexStyle(3,DRAW_ARROW,STYLE_SOLID,0);
   SetIndexArrow(3,172);
   SetIndexBuffer(3,Close_Trade_Marker);
   SetIndexLabel(3,"R2_Close_Trade_Marker");
   
   SetIndexEmptyValue(4,0.0);
   SetIndexStyle(4,DRAW_LINE,STYLE_SOLID,1);
   SetIndexBuffer(4,Hull_MA);
   SetIndexLabel(4,"Hull_Ma_Filter ( "+Hull_Periods+" )");
   
   SetIndexEmptyValue(5,0.0);
   SetIndexBuffer(5,Calc);
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
//----
   int shift = ShowBars;
   
   if (ShowBars >= Bars) ShowBars = Bars-1;
   
   for ( shift = ShowBars; shift >= 0; shift-- )
    {
      
      double Exp = 2;
      
      double firstwma = iMA(Symbol(),0,MathFloor(Hull_Periods/2),0,MODE_LWMA,Hull_Applied_Price,shift);
      
      double secondwma = iMA(Symbol(),0,Hull_Periods,0,MODE_LWMA,Hull_Applied_Price,shift);
      
      Calc[shift] = (Exp*firstwma)-secondwma;
      
    }
   if (Use_Hull_Filter)
    {
     for ( shift = ShowBars; shift >= 0; shift-- )
      {
       
       double Hulldifference = (iMAOnArray(Calc,0,MathFloor(MathSqrt(Hull_Periods)),0,MODE_LWMA,shift+1) - iMAOnArray(Calc,0,MathFloor(MathSqrt(Hull_Periods)),0,MODE_LWMA,shift+2));
       
       Hull_MA[shift] = iMAOnArray(Calc,0,MathFloor(MathSqrt(Hull_Periods)),0,MODE_LWMA,shift);
       
       Trend_Ma[shift] = iMA( Symbol(), 0, Ma_Periods, 0, Ma_Type, Ma_Applied_Price, shift);
       
       if (prevtime != Time[0]) { RefreshRates(); prevtime=Time[0]; } 
       
       double Day1 = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift+3);
       double Day2 = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift+2);
       double Day3 = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift+1);
       double Today = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift);
       
       //- Sell Arrows ---
       
       if ( (iClose(Symbol(),0,shift+1) < Trend_Ma[shift+1])
         && (Day1 > SellIfDay1RsiAbove)
         && (Day2 > Day1)
         && (Day3 > Day2)
         && (Day3 > SellIfDay3RsiAbove)
         && (Hulldifference <= -Hull_Separation_Pips*Point) )
          
          Sell_Arrow[shift] = iHigh(Symbol(),0,shift) + (20*Point);//High arrow Sell
       
       //- Buy Arrows ---
       
       if ( (iClose(Symbol(),0,shift+1) > Trend_Ma[shift+1])
         && (Day1 < BuyIfDay1RsiBelow)
         && (Day2 < Day1)
         && (Day3 < Day2)
         && (Day3 < BuyIfDay3RsiBelow)
         && (Hulldifference >= Hull_Separation_Pips*Point) )
          
          Buy_Arrow[shift] = iLow(Symbol(),0,shift) - (20*Point);//Low arrow Buy 
       
       //- Close Trades Marker ---
       
       if (Today < CloseSellIfRsiBelow)
         
          Close_Trade_Marker[shift] = iLow(Symbol(),0,shift) - (50*Point);
       
       if (Today > CloseBuyIfRsiAbove)
         
          Close_Trade_Marker[shift] = iHigh(Symbol(),0,shift) + (50*Point);
      
      }
    }
   
   if (!Use_Hull_Filter)
    {
     for ( shift = ShowBars; shift >= 0; shift-- )
      {
       
       Hull_MA[shift] = 0;
       
       Trend_Ma[shift] = iMA( Symbol(), 0, Ma_Periods, 0, Ma_Type, Ma_Applied_Price, shift);
       
       if (prevtime != Time[0]) { RefreshRates(); prevtime=Time[0]; } 
       
       Day1 = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift+3);
       Day2 = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift+2);
       Day3 = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift+1);
       Today = iRSI(Symbol(),0,RsiPeriods,Rsi_Applied_Price,shift);
       
       //- Sell Arrows ---
       
       if ( (iClose(Symbol(),0,shift+1) < Trend_Ma[shift+1])
         && (Day1 > SellIfDay1RsiAbove)
         && (Day2 > Day1)
         && (Day3 > Day2)
         && (Day3 > SellIfDay3RsiAbove) )
          
          Sell_Arrow[shift] = iHigh(Symbol(),0,shift) + (20*Point); // High arrow Sell
       
       //- Buy Arrows ---
       
       if ( (iClose(Symbol(),0,shift+1) > Trend_Ma[shift+1])
         && (Day1 < BuyIfDay1RsiBelow)
         && (Day2 < Day1)
         && (Day3 < Day2)
         && (Day3 < BuyIfDay3RsiBelow) )
          
          Buy_Arrow[shift] = iLow(Symbol(),0,shift) - (20*Point); // Low arrow Buy 
       
       //- Close Trades Marker ---
       
       if (Today < CloseSellIfRsiBelow)
         
          Close_Trade_Marker[shift] = iLow(Symbol(),0,shift) - (50*Point);
       
       if (Today > CloseBuyIfRsiAbove)
         
          Close_Trade_Marker[shift] = iHigh(Symbol(),0,shift) + (50*Point);
      
      }
    }
   
   if (Play_Alert)
    {
     int SignalBar = 0;
     if ( (Close_Trade_Marker[0] != 0) && (goober < Time[0]) )
      {
        //Alert("Close_Trade_Marker , "+Symbol()+" , M_"+Period()+" , Bid = ",Bid," , Hour = ",Hour()," , Minute = ",Minute()," .");
        PlaySound("email.wav");
        goober = Time[0];
      }
     if ( (Sell_Arrow[0] != 0) && (goober < Time[0]) )
      {
        //Alert("R2_Sell Arrow , "+Symbol()+" , M_"+Period()+" , Bid = ",Bid," , Hour = ",Hour()," , Minute = ",Minute()," .");
        PlaySound("email.wav");
        goober = Time[0];
      }
     if ( (Buy_Arrow[0] != 0) && (goober < Time[0]) )
      {
        //Alert("R2_Buy Arrow , "+Symbol()+" , M_"+Period()+" , Ask = ",Ask," , Hour = ",Hour()," , Minute = ",Minute()," .");
        PlaySound("email.wav");
        goober = Time[0];
      }
    }
   
//----
   return(0);
  }
//+------------------------------------------------------------------+

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