- Derivative Oscillator Forex Indicator - Forex Indicators
- Derivative oscillator indicator - Indices - MQL4 and
Many Many Thanks, Nicolas. My broker has a very old version of PRT. So, it give me error at the first line [ 8775 BufferRSI = RSI[InpPeriodRSI](InpAppliedPrice) 8776 ]. Please, what you suggest me?
Derivative Oscillator Forex Indicator - Forex Indicators
The DEROSC Metatrader 5 custom forex indicator is a combination of two EMAs with default parameters of 5 and 8, which are used to produce a double exponentially smoothed RSI MT5 indicator.
Derivative oscillator indicator - Indices - MQL4 and
The indicator is a twice exponentially smoothed RSI with the default parameters of 5 and 8.
Then a signal line is formed by simple smoothing of the resulting 7ERSI with the period of 9.
The derived histogram is calculated as a difference between 7ERSI and the signal line.
Although, the calculated value will characterize an area already known to a trader, in which the price growth or fall can be judged without the help of the derivative. In this case the useful information is not just the value of the derivative, but the comparison of two values of the derivative at adjacent bars. In case the signs of the calculated values are different the price had passed an extremum. The type of the extremum can be easily determined using the combination of signs: transition from a negative value to a positive value is minimum, positive to negative — maximum.
Please note though, using only this indicator for buy and sell signals is not such a good idea because you are going to get too many false signals, it works better when used with other indicators.
We are a team of professionals with over 65 years of experience, dedicated to providing Forex traders with MT9 indicators, Trading Systems and eBooks. We constantly add valuable resources on this portal, be sure to visit us frequently to stay ahead.
Always be alert because this indicator can give you many false signals, it’s recommended that you combine it with other indicators for more accurate trade decisions. The best benefit of using the Derivative Oscillator is that you can use it on any timeframe and on any currency pair.
The Derivative Oscillator contains a histogram chart that fluctuates in the positive and negative territory. When the histogram is in the positive territory, it indicates bullish market conditions and when the histogram is in the negative territory, it indicates bearish market conditions.