Home Forex Service Review Relative Strength Levy (RSL) Indicator Review

Relative Strength Levy (RSL) Indicator Review

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RSL Classic MT4 can be found on the MQL5 marketplace under the indicators heading. It was created by Rene Patrick Sauerwein and first uploaded to the marketplace on the 7th of June 2018, there have not been any updates so the indicator is still at version 1.0.

Overview

RSL Classic MT4 was created for the MetaTrader 4 platform, its main intention is to look at the relative strength of the markets.

The key concepts of the indicator:

-You can use this indicator on several instruments to compare their relative strength: Values resulting from the analysis will oscillate around a value of 1.

-The strongest instruments will have the highest RSL values (above 1) and the weakest instruments will have the lowest RSL values (below 1).

-You might want to buy the strongest instruments (highest RSL values) and sell the weakest instruments (lowest RSL values) to follow trends.

Some of the key features of the indicator:

-Works on all timeframes

-Works for all instruments that are available in the Market Watch window of your MetaTrader 4

-The output value from the buffer is shown in the separate indicator window and in the Data Window

-The indicator can be used in Expert Advisors using the iCustom() function for automated trading systems

-There are also a number of parameters, these include the name of the asset to analyze, the MA period the MA mode, the applied price, and the colors used.

Service Cost

The indicator will currently cost you $30 to purchase it outright, this is a one-off payment and will allow you to activate the indicator up to 5 times. There is not an option to rent it so the purchase is the only option available. There is a free demo version that can be used with the strategy tester within the MT4 platform.

Conclusion

There are two reviews fort he indicator that has given it an overall rating of 5 out of 5.

“I’ve been waiting for this for a long time, thank you!!!” – A 5-star review.

“A good addition to any portfolio. Drag several Symbols onto one charts (ie EURUSD, EURGBP, EURCHF, EURAUD) if they are all above 1, its a safe bet to be stay long on EUR. You can wait until a couple indicators drop to 1, or Take Profit when you feel like it. if you wait till the indi goes back to 1, you’ll end up with roughly no profit, OR if it has caught a good trend, the profit can be good. A 50/50 with either small losses, or bigger profit is a good bet in my books. It needs to be on a high TF, forget about any minute time frame.” – A 5-star review.

So the reviews are both very positive, there is only one comment available which is from the developer themselves, this was back in 2018 so it is not clear whether it is still being actively supported, you should contact them to make sure they are still around before you make a purchase, just to be sure you will be able to get some help should you need it.

This Forex service is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/29839

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