Ehlers IFT of Smoothed RSI Indicator
Platform: MT5 Type: Channel Last update: December 3, 2024The Ehlers IFT of Smoothed RSI Indicator for MT5 displays an dynamic channel with highlighted areas of overbought and oversold readings. As the name suggests, this is a sophisticated combination of Inverse Fisher Transformation and Relative Strenght Index. By default, its automatically adjusting to fluctuactions, but if you prefer fixed scale, change the floating levels to 1.
Example chart
Anatomy and trading suggestions
As you can see it consits of two outer bands and a single middle line. What’s more, there is also a signal line corresponding to price moves and fluctuactions. When it moves outside the upper band it gets colorized to green as well as the area between them. This is a overbought and bearish scenario and traders should rather expect reversal. Similarly, the opposite setup is marked with orange color for oversold and potential bullish case.
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