What do the Dots mean in this RSI indicator? | Forex Factory

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What do the Dots mean in this RSI indicator?

  • #1
  • First Post: Nov 1, 2011 4:40am Nov 1, 2011 4:40am
Hi,

I picked up this cool RSI indicator and can't quite figure out what the dots are indicating.

Anyone know?
Attached Image
  • #2
  • May 1, 2020 9:49am May 1, 2020 9:49am
Hi.
You found out what those points mean, because I have the same indicator and I would be interested
  • #3
  • May 1, 2020 11:26am May 1, 2020 11:26am
I have seen this years ago, probably had the indicator at some point. Without looking at the code difficult to tell.
Is it something like fractal support/resistance fromm the chart ?
It never gets easier, you just get better
  • #4
  • May 1, 2020 3:11pm May 1, 2020 3:11pm
I uploaded this indicator of mine.
if you can look at the source code it would be great. I don't know the source code
Attached File(s)
File Type: ex4 RSI_Dots.ex4   6 KB | 223 downloads
  • #5
  • Edited 10:25am May 2, 2020 10:13am | Edited 10:25am
Quoting Nikonic
I uploaded this indicator of mine. if you can look at the source code it would be great. I don't know the source code {file}
Need the mq4 file to read the code.

Looked at the settings, the red dots just tell you when the RSI has crossed above or below the 50 level and the upper grey dots set at 65 for when price has reached overbought level and vice versa for the lower gold dots set at 35 for oversold level
Nothing spectacular.

Attached Image (click to enlarge)
Click to Enlarge Name: RSI Dots.png Size: 12 KB
It never gets easier, you just get better
  • #6
  • May 3, 2020 3:38pm May 3, 2020 3:38pm
I uploaded a printscreen
I dont think so, because there are crosses and it is not any dots.
Or i have dots in a area, where it is not line.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 658 KB
  • #7
  • Edited 5:00pm May 3, 2020 4:27pm | Edited 5:00pm
The only thing I can think of, maybe the programmer has the lower & upper dots as a signal to Buy or Sell when they appear,
The red dots mean ranging signal.
Without the code, difficult to interpret what is being signalled.
You just have to trial & error and work out what the signals mean and whether they are worth following.
RSI usually indicate overbought & oversold signals and used primarily in ranging markets, although some do use them in trending markets also.
It never gets easier, you just get better
  • #8
  • May 3, 2020 5:22pm May 3, 2020 5:22pm
Shabs19.
I understand it, bur I have no mq4 file.
I have only ex4 file, unfortunately
  • #9
  • Edited 9:35pm May 5, 2020 7:22am | Edited 9:35pm
Quoting Nikonic
Shabs19. I understand it, bur I have no mq4 file. I have only ex4 file, unfortunately
You can look at the sources by yourself by using the public and free decompiler at http://www.pewasoft.com/.mt4/

The indicator uses an EMA, a channel made of EMA+2*ATR and EMA-2*ATR, a BollingerBands indicator and the RSI. The dots appear depending on whether the BollingerBands channel crosses the EMA/ATR channel. Sometimes the BB channel represents the outer limit, sometimes the EMA/ATR channel does. Depending on that and a combination with the RSI the dots appear.

Imho the indicator doesn't bear any real value. The dots follow a logic the market does not care about (no inherent causality). If used as a trading signal over time the results will be random.

ps: Decompiling and anylizing compiled software for private use is legal. Reusing logic or algorithms from decompiled software for private use is legal, too. Publishing or redistributing decompiled software may be illegal under specific circumstances.
It takes blood, sweat and enough tears to wash away the blood.
  • #10
  • Last Post: May 5, 2020 2:43pm May 5, 2020 2:43pm
Quoting emmzett
{quote} The indicator uses an EMA, a channel made of EMA+2*ATR and EMA-2*ATR, a BollingerBands indicator and the RSI. The dots appear depending on whether the BollingerBands channel crosses the EMA/ATR channel. Sometimes the BB channel represents the outer limit, sometimes the EMA/ATR channel does. Depending on that and a combination with the RSI the dots appear. Imho it's a useless indicator. The dots follow a logic but the market does not care about that logic (no inherent causality). If used as a trading signal over time the results will be random....
I thank you Emmzett
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