Hey traders! Today, we're diving into the Turn Area Chart indicator for MetaTrader 4, which can really elevate your trading game by integrating the RSI with moving averages.
Understanding the Indicator Settings:
- EMA_Period: This is the averaging period you'll use to calculate the Moving Average.
- EMA_Method: Choose your averaging style: SMA for simple, EMA for exponential, SMMA for smoothed, or LWMA for linearly weighted.
- EMA_Price: Select the price type you want to use: CLOSE for closing price, OPEN for opening, HIGH for the highest price during the period, LOW for the lowest, MEDIAN for the median price, TYPICAL for the typical price, or WEIGHTED for the weighted close price.
- RSI_Period: This sets the averaging period for the RSI calculation.
- PSI_Price: This works similarly to EMA_Price, letting you choose your applied price.
- Level_RSI_UP: This is your upper level, indicating a potential sell zone.
- Level_RSI_DN: Conversely, this lower level suggests a potential buy area.
By mastering these settings, you'll be well on your way to making informed trading decisions. Happy trading!
Comments 0