The Tarzan Metatrader 5 forex indicator is a standard Relative Strength Index (RSI) that comes with a channel and buy and sell arrows. It also has a central line.
The color of the central line gets altered in relation to the RSI line location as linked to the channel:
There are six input parameters that are present within the Tarzan MT5 indicator:
RSI period – Gets an adjustable value that calculate the period of the RSI
RSI Applied Price – Represents the calculation for the RSI price and can be adjusted to close price, open price, high price, low price, median price, typical price, & weighted price.
MA period – Is used to calculate the channel method i.e. the RSI line smoothing period
MA Method- Also calculates the channel method
Channel top size – Is a feature that allows traders indent from the central line for computing the upper border of the channel
Channel bottom size – Is a feature that allows traders indent from the central line for calculating the lower border of the channel
If the line of the RSI breaks the lower outer channel bottom up, an upward pointing arrow is formed and the central line is filled green.
If the line of the RSI breaks the upper outer channel top downwards, a downward pointing arrow is formed and the central line is filled red.
If the RSI line is found within the overbought/oversold regions (above/below the borders of the channel), the central line gets filled pale gray.
If the RSI line is hovering within the upper region within the channel, the line is filled sky blue, while if the line hovers within lower region of the channel, the line is filled orange.
The RSI line smoothing method, along with the indent for the upper and lower channel borders is added/subtracted on both ends is used in calculating the central line of the channel.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RSI period, RSI Applied price, MA period, MA Method, Channel top size, Channel bottom size), 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 Tarzan.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)