The RSI of JMA is a Metatrader 5 custom indicator that is used to make the RSI (Relative Strength Index) smoother.
In order to get fewer false signals when using the traditional RSI indicator, the RSI of JMA was developed as one of the available methods to smoothen the RSI.
The RSI of JMA is able to filter and smoothen prices prior to being used in the RSI calculation.
One means by which this can be attained as a result of its high sensitivity to the changes in the market, along with its smooth results, is the Jurik smoothing.
This RSI version i.e. RSI of JMA does a nice job at yielding very nice smooth result with minimal false positives.
There are three input parameters found on the RSI of JMA Metatrader 5 forex indicator:
RSI period – defines the period for calculating the Relative Strength Index;
JMA period – defines the period for calculating the Jurik Moving Average;
Price – defines the price deployed in the calculations.
The indicator is displayed as a line that changes between light salmon and deep sky blue, where a bullish signal is represented by light salmon color and a bearish alert is depicted by a light salmon line within the indicator window.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RSI period, JMA period, Price), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the RSI of JMA.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)