RSI Filter 2 Indicator for MT5

 

RSI that is intended to be used as a filter.

It is checking states of RSI (comparing it to levels 30 and 70) and, depending on the breaks of those levels, 3 states of the indicator are plotted:

• upper — when there is a clear break above level 70 and when the state is inherited from the previous bar
• lower — when there is a clear break below  level 30 and when the state is inherited from the previous bar
• neutral — when the value is floating between the 40 to 60 values.
  

This way, the values of RSI are filtered a bit more. Indicator can be applied to other indicators too, and some combinations seem to be interesting (applying this filter to momentum can be interesting, for example).