Trend Envelopes trading indicator - RSI with modification
Trend Envelopes trading indicator - RSI for the MetaTrader 5 trading terminal is a variation of RSI indicator using Trend Envelopes.
The RSI indicator used in this version can be pre-smoothed. This is done to avoid a large number of false signals. The used method of pre-smoothing can be one of the main types of moving averages (SMA, EMA, SMMA or LWMA). If you set the smoothing period ⩽ 1, the indicator will not smooth.
The displayed RSI value is a kind of "root", "total" RSI. It is RSI from (RSI(High) + RSI(Low) + RSI(Close))/30.
Its modification, STD Trend Envelopes trend indicator - RSIThe Envelopes, which is the original, has one important difference: instead of a fixed value (5), the standard deviation (with a multiplier) of the calculated RSI is used to calculate the envelopes.
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