Random Walk Index – indicator for MetaTrader 5

Random Stroll Index - indicator for MetaTrader 5

Nicolaus Kositsin | Anglicus

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rwi.mq5 (sixteen.33 KB)view

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Actual writer:

Ramdass

The Random Stroll Index indicator is utilized in conditions the place it's crucial to find out whether or not the market instrument is in a creating development or performs random movement in a buying and selling vary.

This indicator tries to do it by defining a buying and selling vary of the market instrument first. The subsequent step is to calculate a collection of RWI indices for a most of the analyzed interval. The best motion of the index relative to RW is used as the present index. The market develops an uptrend, if RWI of highs > 1, whereas the downtrend is when RWI of lows > 1.

This indicator was first carried out in MQL4 and revealed in CodeBase on 21.12.2006.