RSI w/ Multi-Time Frame Ability. Plot A 2nd RSI Diff Time Frame

FX:GBPJPY   British Pound / Japanese Yen
Available Options on Inputs Tab!!!

RSI with ability to change first RSI to a different Time Frame.(Defaults To Current Chart Time Frame).

Ability To Turn On/Off Background Highlighting if First RSI is Above/Below 70 or 30 Lines.

Ability To Turn On/Off Background Highlighting When First RSI Crosses Above 30 Or Below 70.

Ability To Turn On/Off "B" Or "S" When First RSI Crosses Above 30 Or Below 70.

Ability To Turn On/Off Mid-Line Plot.

Option To Plot 2nd RSI to show different Time Frames on same chart!!!

Ability To Use Different Look Back Period If You Plot 2nd RSI .
Hi Chris, I struggle to copy this code on my platform (mt4) and always get these 2 errors after clicking "compile" :

1st `study`- declaration without type ............ Line 5 , Column 1
2nd `)` - unexpected end of program ............ Line 51, Column 37

Also below it says "2 errors, 0 warnings"

I`ve tried on 2 accounts, different brokers, it does the same.

Can you please help me out with this ?

Hello Chris

I just found this tonight and I am having great fun with it. I had what I would call a happy accident several months ago and your indicator is perfect for what I like to do. What I did was draw a trend line on my RSI on a weekly then switched my chart to a daily. The trend line left from the weekly chart was revealing something hidden on the daily. I have been using this to find entries in stocks trending up ever since. I will be using your indicator from now on. Thank you!! Here is an example: I have both RSIs set to seven. The orange is set to weekly and the blue is daily. I next draw a trend line using the weekly RSI. I use the beginning and end of the base as my two points for the line. Now any drop below this line in the future is a potential entry point. I entered AA near 10 using this method. Your indicator is much better; because, I am able to see the weekly and daily at the same time and this is a supreme advantage. Something I have never been able to do before now. I am certain in time many will find a great uses for this indicator. Thanks!! LR
+1 Reply
ChrisMoody littleriver
Thanks for the kind comment...I'm glad you find it useful.

Great commentary and analysis. I appreciate you posting your insights.
hi chriss moody i need ur idea about gbpjpy. i got sell position on 173.020 for long time. now price stil going up and my lost has been reached 200$
do i have to close this position? or do i have to wait for price going down? pls i will be waiting ur answer. im trying to make some money for complate my education pls i need ur help
HamedAghajani samed.karsanbas
I might chip in sth here Samed. As a discipline never never touch the stop loss you had in mind before placing the trade. If you really believe GBPJPY would be a bear market at some point (which I doubt it), take your loss now, digest it and look for another shorting opportunity.
Kind regards, Hamed
samed.karsanbas HamedAghajani
u mean close by position? can u check out my analysis pls.
i been waiting for price touched up 61.88 fibo on my analysis pls check out and share ur idea with me

HamedAghajani samed.karsanbas
The prices move in cycles
In your analysis, you have a much strong bullish trend line. The price bounced off of that trend line and resumed it bullish (Phase 1) move.
samed.karsanbas HamedAghajani
after i waited all day bullish stock market turn to bearish market my analysis came to true.. my loss has reached about -780$ now turn to my litle pocket as positive :D now i got 400$ :D so happy
HamedAghajani samed.karsanbas
Good luck with that! But read Chris's Word below
ChrisMoody samed.karsanbas
I have to answer your question by being very blunt. Please don't take it as being rude.

#1 This was not my idea about GBPJPY...I simply created the indicator per request by someone else...and I just happened to post on this symbol.

#2 You NEVER EVER!!!! Move your stop. Before getting in to the trade you #1 figure where your stop needs to go...#2 either position size so if the place you put your stop is hit equals the dollar amount your willing to risk on a trade. I have no idea what your position size is...I trade forex in standard lots...and on a Daily chart $200 would be too small of a Stop...If your trading in mini lots maybe...

#3 I have no idea what you mean by getting a Sell at 173.020 for a long time. Are you talking about the Daily Timeframe? There hasn't been a sell entry since 7/04 on the daily roughly 175.100

#4 on the chart you posted your using the RSI based on the Low of the candle...not the close. Do you have any statistical data as to why you do this.

#5 The RSI method...or almost any oscillator method works well in Range Bound Markets. They do not work well in Trending or Breakout markets. It's way beyond the scope of this discussion to define a range bound market vs. trending and breakout markets but if you don't know how to clearly define these...your at a disadvantage using the RSI.

NEVER move your Stop!!! Some trades work...Some Don't...Take your loss and move on...The amount you Risk per trade should never hurt your account. By moving your stop you've defined yourself as a Amateur trader...Not a Professional Trader...not being mean...We've ALL done it before...One of two things will happen going forward. You won't touch your stops...and if your Trade Setups have a high enough statistical probability you will make money over time.'ll keep moving your stop and your account will go to zero. Your in control of every trade you take from now on...Ask I going to trade like a professional...or an amateur trader. 100% your choice...
+1 Reply
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