Semaphore signal indicator based on the RSI indicator, which features alerts, sending emails and push-notifications to mobile devices.
The indicator is based on the idea that the price reversal is preceded by a reduction in indicator change rate and its reversal. For this purpose, it searches for the intervals where the price begins to stagnate in the overbought or oversold area of the fast RSI indicator.
The indicator provides the ability to mark these areas with arrows on the chart. It is also possible to disable searching for the RSI slowdowns. In that case, the indicator will simply display exceedance of the RSI levels specified in the settings — LevelMax and LevelMin.
Originally this indicator has been written in MQL4 and was first published in the Code Base on 05.10.2016.
Fig1. The RSI_Slowdown indicator
Fig.2. The RSI_Slowdown indicator generating alert