Relative Price Channel

Relative Price Channel MT4 indicator for multiple cycles.

Relative Price Channel MT4 (MetaTrader 4) indicator is a powerful tool for traders. The indicator helps to identify potential trading opportunities in different time frames.

The main features of the [tags:title] indicator include:

User-friendly interface: The indicator is designed with ease of use in mind, providing a simple and intuitive interface suitable for both novice and experienced traders.

MT4 version of original indicator: https://www.mql5.com/en/code/22576
Since the MT4 functionality is limited in the methods of drawing indicators, there are no color zones, but their boundaries are in place.

Basics:

RSI indicator is frequently used in trading decisions coupled with levels checking. Levels are supposed to show if there is overbought or oversold condition. But frequently we are neglecting the fact that the market is adjusting itself to price changes, and that indicators like RSI may actually show overbought and oversold conditions even when the market already adjusted itself.

This version:

It is using the RSI and is constructing an high and low neutral zones using a simple EMA lag – in this case the lag of an average is our ally – without adding that lag, the breakout will never happen. When the RSI crosses the top most or lowest bound, only then consider that a “real” overbought or oversold condition is happening.

Usage:

You can use it for possible reversal conditions detecting.

How to install Relative Price Channel Indicator in MetaTrader 4 Forex Trading Platform?

• Extract the downloaded Relative Price Channel Indicator.zip file.
• In the MetaTrader 4 trading platform, go to the “File” menu and click “Open Data Folder”.
• Navigate to the MQL4 folder and then open the Indicators folder.
• Copy the extracted Relative Price Channel Indicator files into the Indicators folder.
• Restart the MetaTrader 4 platform or refresh the indicators list by right-clicking in the “Navigator” window and selecting “Refresh”.
• In the MetaTrader 4 platform, open the “Navigator” window (Ctrl+N) and locate the Relative Price Channel Indicator under the “Indicators” section.
• Drag and drop the Relative Price Channel Indicator onto the chart where you want to apply it.
• Configure the indicator settings as needed and click “OK” to add it to the chart.