MTF RSIHello traders, I am happy to share with you my latest indicator I have developed. It's called " MTF RSI ".
The core idea of the EA is to get the average of RSI value of multiple timeframes, current , 3x and 6x of current time frame, and calculate a more accurate RSI value which will indicate more clear oversold or overbought levels that rsi has reached.
It is believed that when there is a convergence of the same indicator in multiple time frames, it is more likely traders will obtain a valid signal.
Besides the averaged RSI, an EMA of period of 14 is added to this EA. Traders can make use of crossing signals to kick off their trade decisions.
Please provide feedback on how I can improve this indicator and provide better quality signals. Thank you
EA
Double CCI & RSI TriggerWarning : This strategy can only be implemented with 1 minute timeframe chart
With the help of 2 CCI and 1 RSI, it is much easier to identify the market trend. The main idea of this EA is looking at a longer CCI (170 periods) and RSI (14 periods) and finding some possible bullish and bearish trends.
Bullish Conditions: 170 CCI has a value of above 0 and RSI 14 is larger than 30 (oversold)
Bearish Conditions: 170 CCI has a value of below 0 and RSI 14 is lower than 70 (overbought)
When conditions are met, CT+ (bullish) and CT- (bearish) signals will be shown on the graph.
To effectively adopt the system, users have to incorporate "Double CCI & RSI Alert" , my another script, into this and can decide whether or not to hold onto positions. Happy trading! Appreciate support and comments!
