RSO, Relative Strength Oscillator - indicator for MetaTrader 4




RSO, Relative Strength Oscillator - indicator for MetaTrader 4


Relative Strength Oscillator or RSO is an Oscillator version of RSI. RSI as a powerful and accurate indicator is very popular. It is an index indicator and varies in the range of 0 to 100. We used to see 70s or 30s on RSI, then decide to open a new position. But as an indicator, symmetry is more readable and more suitable for comparison. Oscillators have a center line of usually 0.0 and swing around center line. RSO intends to do this role. With RSO everything is as the same as before on RSI, just minus 50. Here are 20s and -20s as overbought and oversold positions now.

I added colored bars just for more clarity. Green bars show increasing of RSO and red bars show decreasing. RSO or RSI curves cannot show little changes, while colored bars can. For example when RSO is over 20, first red bar reveals direction change. As you can see, RSO with bars is more comprehensible with just a glimpse.

Fig 1. RSO indicator

Fig 1. RSO indicator

Sequential Green/Red bars indicate that we should wait more for direction change. As showed in following picture, RSO is around 20 and starts to decrease. Without bars warning, we may be convinced to open a short position. However sequential opposite color bars is a good indicator alert to aware us do not do anything.

Fig 2. RSO sequential color change

Fig 2. RSO sequential color change

I used MetaQuotes RSI source code as a base to recode RSO.


Download RSO, Relative Strength Oscillator - indicator for MetaTrader 4




Related News




Latest News
U.S. women's veterans praise new era of Andonovski
08.03.2020 06:07
By Amy Tennery (Reuters) - Little more than four months on the job, U.S. women's soccer head coach Vlatko Andonovski is earning high praise from team veterans, as the squad looks to build off the momentum of its fourth World Cup win and shake off the demons of an early exit at Rio 2016. Andonovski, who took over in late October from longtime
Read more
Boca pip River to Argentine title with late Tevez screamer
08.03.2020 05:07
BUENOS AIRES (Reuters) - A dramatic late goal from Carlos Tevez gave Boca Juniors the Argentine league title on Saturday, as the Buenos Aires club overcame Gimnasia 1-0 to pip their arch rivals River Plate on an breathtaking last day of the season. River led the Superliga from Boca by a point going into their final round of games and could have
Read more
Boca pip River to Argentine title with late Tevez screamer
08.03.2020 05:04
BUENOS AIRES (Reuters) - A dramatic late goal from Carlos Tevez gave Boca Juniors the Argentine league title on Saturday, as the Buenos Aires club overcame Gimnasia 1-0 to pip their arch rivals River Plate on an breathtaking last day of the season. River led the Superliga from Boca by a point going into their final round of games and could have
Read more
Japan's 7-Eleven worker infected with coronavirus, another case likely caused meningitis
08.03.2020 04:06
TOKYO (Reuters) - A worker at Japan's 7-Eleven convenience store chain in Yamanashi prefecture, west of Tokyo, has contracted the new coronavirus, the company said on Sunday. 7-Eleven, a unit of Japanese retail group Seven & i Holdings said it temporarily closed the store for cleaning and disinfection after the case was confirmed on Saturday
Read more
U.S., Japan women's soccer teams keep focus on games as coronavirus fears swirl
08.03.2020 04:03
By Amy Tennery Harrison, NEW JERSEY (Reuters) - The U.S. and Japan women's national soccer teams said on Saturday they were laser-focused on preparing for the upcoming Olympics, even as a global coronavirus outbreak threatens the postponement or cancellation of the Tokyo Games. The two teams are expected to compete in the second of three
Read more