The Cluster RSI can be found within the Indicator section of the MQL5 marketplace. There are several indicators with very similar names, so we have added a link below to the exact indicator that we are looking at. The indicator was first uploaded on the 31st of July 2015 by its creator Ahmed Saad Soliman, there haven’t been any further updates so the indicator is still on version 1.0.
Overview
The Cluster RSI is an indicator that has been created for the MetaTrader 4 trading platform, the indicator will calculate the performance of each currency against the 8 major currencies (EUR, USD, GBP, AUD, NZD, CAD, CHF, and JPY) using RSI. The Cluster RSI indicator will buffer 2 lines for each currency that is attached to the chart. So for the GBPUSD pair, it will draw a line for GBP and for USD.
The main advantage of the Cluster RSI over normal RSI is that the normal RSI only looks at the overall speed and movements, while the Cluster RSI looks at both currencies involved giving a much better view of what is actually happening.
There are just two inputs and parameters that can be altered within the indicator:
- RSI Period: This is the RSI value, 14 is the Default input.
- RSI MVA Period: This is MVA Period to smooth RSI Line, 5 is the Default Input.
You can use the indicator in the following ways:
-Lines Crosses.
-For Intraday Time Frame. This is working well when we use multiple Time Frames and take the cross over in the overall Trend Direction.
-For Daily Chart we can take the crosses in the direction of the moving average (for example when the price below 200MVA we will take the cross over and when the price is below 200MVA we will take down cross over).
Overbought and oversold with Divergence:
- First Line currency (Base Currency or First Currency in the symbol) is overbought.
- Price is making higher highs and higher lows.
- Second Currency Line is making Divergence.
Service Cost
The Cluster RSI indicator can be purchased outright for $25, there isn’t a chance to rent this indicator, the only option is to purchase it. There is a free version available, this will have some limitations to it, but at this time we do not know what the limitations of the free demo version are.
Conclusion
At the time of writing, there are currently 4 different reviews available, each one giving the indicator a 5 out of 5 ratings.
“Very good! Thanks, Ahmed! Any chance you could optimize it for metals?” – User Review
“Hi Traders, here I review a very good product based on clusters(I recommend studying this stuff). It is working properly as described if you have enough history onboard (MT4). Support is very good and does solve your problems, if necessary. I don´t regret buying this high quality and really cheap product. 5 Stars Thumbs up! These days I realized, that you can use the indicator for signals from base currencies crossing the 50 line. In comparison with the normal RSI, you get earlier trend signals. But, still, you have to look at the currencies cross each other. In the case of the base currency cross the 50 line before the currencies cross each other, look carefully at your trade. If the currencies cross each other before the base currency crosses the 50 line, it would be a really strong signal. The Cluster RSI is just worth the money.” – User Review
So as you can see, the reviews are very positive, there are also a few comments, the author of the indicator has replied to some of them but not the most recent ones, however, it has only been a day or so. As there aren’t too many reviews, we would highly recommend that you download and try out the free version, this will give you a chance to try it out and ensure that it works before you put any money down for a purchase.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/10648
