The Relative Strength Index (RSI) is one of the most popular and accurate oscillators widely used by traders to determine overbought and oversold zones. Although the RSI indicator works perfectly during certain periods of the market, it cannot generate profitable signals when the market state changes, and therefore gives out incorrect signals that can lead to large losses.

Have you ever thought about an adaptive RSI indicator that adapts the calculation period according to market conditions? The presented indicator implements an optimization algorithm that finds the best period for calculating the RSI based on maximizing the profit for N past bars. You can imagine that the optimization process in the MetaTrader strategy tester continuously works on real charts in order to determine the best RSI period, at which the profit of trading on RSI signals will be maximum. The indicators of this indicator are similar to the indicators of the RSI indicator, they are in the range between 0 and 100.

• The value of the RSI in the range of 70-100 is considered as an overbought zone (i.e. the most favorable time to open a short position).
• The value of the RSI in the range of 0-30 is considered as an oversold zone (i.e. the most favorable time to open a long position).

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Features

• Automatically determines the best period of the RSI, adjusting to the current market conditions.
• Detects overbought and oversold zones more accuratelythan the original RSI indicator.
• Shows the arrows of buy and sell signals on the chart. (must be enabled in the indicator input settings)
• When signals appear, it shows alerts.
• Marks the overbought and oversold zones in different colors for greater clarity.
• Generates reliable buy/sell signals for oversold/overbought zones.
• It works on 4 and 5-digit quotes.

• Maximum Bars to Look Back: A positive integer indicating the maximum number of past bars on which the RSI values will be calculated.
• Maximum Past Bars for Optimization: a positive integer indicating the maximum number of past bars that will be optimized (to find the best RSI period).
• Minimum RSI Period for Optimization: a positive integer (greater than zero) indicating the minimum RSI period for optimization.
• Maximum RSI Period for Optimization: a positive integer indicating the maximum RSI period for optimization.
• RSI Period Step for Optimization: a positive integer (greater than zero) indicating the growth step of the RSI period for optimization.
• Alert Enable/Disable: if set to true, it will show alerts when buy and sell signals appear.
• Email Notification?: If the value is true, when the pattern is recognized, an email is sent to the email address specified in the settings of MetaTrader 4.
• Mobile Notification?: if true, a push notification is sent to the mobile device when the pattern is recognized.
• Show Signal Arrows?: If set to true, buy and sell signals will be shown as arrows on the chart.
• Overbought Color: the color of the overbought zones.
• Oversold Color: the color of the oversold zones.
• Overbought