RSI with Fibonacci Auto Channel Indicator
Platform: MT5 Type: Channel Last update: December 3, 2024The RSI with Fibonacci Auto Channel Indicator for MT5 combines several readings including trend, oscillator, and bands into single technical indicator.
One of the core elements is bold signal line that displays green and pink color depending on bullish/bearish trends. That line moves within bands defining a channel. When the line sticks to a band for a prolonged period of time, there is an increasing probability of upcoming reversal.
The default value for the fibonacci period is 25, and you can adjust it to create either a wider or tighter channel, by increasing or decreasing this value respectively in settings tab. What’s more, you can choose among seven types of relative strength index.
Example chart:
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