Connors RSI
Connors RSI was published by Larry Connors as a way to combine three different views of short-term price behaviour into one number: how overbought or oversold the last few closes are (RSI of price, default period 3), how extended the current run of consecutive up or down closes has become (RSI of the streak length, default period 2), and how large today's single-bar move is compared with the last 100 such moves (percent rank of the one-bar rate of change). The three are simply averaged. Each of the three components here is computed as a fixed backward- looking window rather than Wilder's recursive smoothed RSI - a plain average of gains and losses over the window, ending at each bar. This is a deliberate simplification (documented below): it makes every bar's value depend only on its own lookback slice, with no dependency on a running smoothed state that has to be correctly warmed up from the start of history, which is otherwise an easy source of subtly wrong values on a partial chart recalculation. The streak component resets to zero on any bar where the close is unchanged from the prior bar, matching the published definition, and is capped at a streak length of 500 bars purely as a runaway guard - no real streak gets close to that. Notes and limitations - Uses a plain windowed average of gains/losses for all three RSI- style components, not Wilder's recursive smoothing. Values will be close to but not bit-for-bit identical with a Wilder-smoothed CRSI implementation (e.g. most vendor platforms); the shape and reading of the oscillator are the same. - Needs at least InpRankLookback + 2 bars of history to produce a value at all; on a freshly opened chart with too little history the line will not draw until enough bars are loaded. - This is an oscillator only - it does not generate trade signals, place alerts, or imply position sizing. Connors' own published system rules around CRSI (e.g. combining it with a longer trend filter before acting on extreme readings) are not implemented here.
Indicator · MT4 · v1.0 · Free
About Connors RSI
Connors RSI is an indicator for MetaTrader 4. It has 3 settings, such as Rsi period, Streak period and Rank lookback. MQL source code included.
Files in the download: ConnorsRsi.ex4, ConnorsRsi.mq4, ConnorsRsi.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Rsi period | 3 | Window for the price RSI component |
| Streak period | 2 | Window for the up/down streak RSI component |
| Rank lookback | 100 | Bars used for the percent-rank-of-ROC component |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: RSI · Oscillator · MT4 Indicator · MQL4 Source Code