Breakout_RSI - indicator for MetaTrader 5

Breakout_RSI – indicator MetaTrader 5

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Breakout RSI oscillator is based on the article “The Breakout Relative Strength Index” by Howard Wang in the magazine “Technical Analysis of Stocks & Commodities” (September 2015).

The indicator has three input parameters:

  • Period – calculation period
  • Overbought – overbought level
  • Oversold – oversold level

Calculation:

BRSI = 100.0 - 100.0 / (1.0+AvgP/AvgN)

where:

AvgP – SMA(P,Period)
AvgN – SMA(N,Period)

  • If BPower > PrevBPower
    P = Abs(BPower)
  • otherwise
    P = 0
  • If BPower < PrevBPower
    N = Abs(BPower)
  • otherwise
    N = 0

BPower = BPrice * BStrength * BVolume
BPrice = (PrevOpen+Max+Min+Close)/4.0
BStrength = (Close-PevOpen)/(Max-Min)
BVolume = Volume + PrevVolume
Max = Max(High,PrevHigh)
Min = Min(Low, PrevLow)


https://www.mql5.com/ru/code/22374

Breakout_RSI – indicator MetaTrader 5
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