This is a MetaTrader 5 indicator that is primarily a Schaff Trend Cycle that deploys Jurik Volty Adaptive RSX for its computation.
The RSX component is member of the RSI/Momentum family based indicators that is apt for adapting.
The default adapting period has a rather big value just to make the adaptive effects more noticeable.
The Schaff Trend Cycle component of the indicator is a product of combining the Slow Stochastics and the Moving Average Convergence/Divergence (MACD).
The MACD is a well-known trend indicator, but it’s infamous for its lagging attributes.
The indicator is able to spot bullish and bearish trends quite early. This is achieved by using the very Exponential Moving Averages (EMAs).
The indicator moves in line with certain number of days, which is factored alongside its equation to offer more accuracy and reliability.
Visually speaking, when the line of the “Schaff trend Jurik volty adaptive RSX” custom indictor turns orange, price is said to be driven lower i.e. a trigger to go bearish on the desired forex pair.
A lime green line of the “Schaff trend Jurik volty adaptive RSX” indicator indicates a bullish trend.
The indicator is enhanced by adding the 23- and 50-period EMA with a cycle component used as the 9-period signal line.
Considering the possibility of factoring cycle trends in line with N number of days, we can then know the stretch and the duration of a trend in view of probable profits to earn.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Fast ema period, Slow ema period, Rsx period, Adaptive 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 Schaff trend Jurik volty adaptive RSX.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)