Mastering the Self-Adjusting RSI Indicator for MetaTrader 5

Welcome, fellow traders! Today, we’re diving into the fascinating world of the Self-Adjusting RSI indicator. This powerful tool automates the adjustment of RSI overbought and oversold levels, a concept beautifully detailed in David Sepiashvili's article on the subject.

This indicator comes with five customizable parameters to suit your trading style:

Period: This defines the RSI calculation period.
Applied Price: The price used for RSI calculations.
Calculation Mode: The mode for adjustments:

Standard Deviation: Adjusts based on standard deviation.
Moving Average: Adjusts using a moving average.

Deviation for StdDev Mode: The deviation setting for the Standard Deviation mode.
Deviation for MA Mode: The deviation setting for the Moving Average mode.

How Calculations Are Made:

SARSI = RSI(Period, Applied price)

If you’re using the Standard Deviation Calculation Mode:

Overbought = 50.0 + Deviation * AvgDev
Oversold = 50.0 - Deviation * AvgDev
AvgDev = StdDev(SARSI, Period, MODE_SMA)

If you’re using the Moving Average Calculation Mode:

Overbought = 50.0 + Deviation * AvgRAW
Oversold = 50.0 - Deviation * AvgRAW
AvgRAW = SMA(RAW, Period)
RAW = Abs(SARSI - AvgDev)
AvgDev = SMA(SARSI, Period)