As a rule it takes a lot of time to switch between periods and indicator parameters for comparing their behavior and detecting a true indicator development dynamics.Thank you for reading this post, don't forget to subscribe!
The indicator was developed after the working area was filled by a set of standard indicators with different parameters.
What is calculated:
- four RSI lines with different periods (the period change step is specified in the indicator parameters) constitute a weighted average of the indicator upon RSI;
- four DeMarker lines with different periods (the period change step is specified in the indicator parameters) constitute a weighted average of the indicator upon DeMarker;
- because of the difference of RSI and DeMarker dimensions, the values of averages are reduced to a common way of displaying;
- the moving average upon RSI and DeMarker constitute a super position upon two indicators;
- two MA lines are attached to the super position line for an easier interpretation of values;
- for a better visualization, a histogram of difference between RSI and DeMarker weighted averages is shown.
The result is: one indicator contains two values of different periods and different dynamics.
RSI and DeMarker behave differently not only in different situations on a chart, abut also towards themselves with different indicator periods. I think, it is useful to see this difference.
In addition to this, a smoothing of the superposition line can be introduced.
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- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
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- Modify settings or press ok
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- “Indicators list”
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RSI DeMarker Super Position