RSO Indicator for MetaTrader 4 – Relative Strength Oscillator or RSO is an Oscillator version of RSI.
RSI as a powerful and accurate indicator is very popular.
It is an index indicator and varies in the range of 0 to 100.
We used to see 70s or 30s on RSI, then decide to open a new position. But as an indicator, symmetry is more readable and more suitable for comparison.
Oscillators have a center line of usually 0.0 and swing around center line. RSO intends to do this role. With RSO everything is as the same as before on RSI, just minus 50. Here are 20s and -20s as overbought and oversold positions now.
I added colored bars just for more clarity.
Green bars show increasing of RSO and red bars show decreasing.