The Relative Strength Index Oscillator is a very popular indicator amongst traders. In this article we explain what it is and how to use and how the RSI Multi Time Frame Indicator For Metatrader can help your trading.
What Is The RSI Oscillator
The RSI Oscillator is a momentum indicator.
Traders have been using the RSI for a very long time and even so, it is still very popular.
Being a momentum indicator, the RSI is useful to understand if a move is exhausting.
The RSI is the result of the comparison of the price over a specific period of time.
The value of the indicator fluctuates between 0 and 100.
How To Use The RSI Oscillator
As we mentioned before the RSI value is ranging between 0 and 100.
When studying this indicator you usually consdider:
- A RSI above 70 means that the price is overbought, so it will probably retrace or consolidate
- A RSI below 30 means that the price is oversold, so it will probably rise or consolidate
While these are common behaviours, the oscillator has also exceptions.
In fact, in case of a strong trend the RSI can remain in overbought or oversold area for an extended period of time.
RSI Oscillator Indicator For Metatrader
Metatrader includes the RSI Oscillator Indicator by default.
The indicator is available in the Oscillators section.
Since there is no alert options I created an enhanced version of the indicator so that you can receive notifications when the price is oversold or overbought.
RSI Multi Time Frame Indicator For Metatrader
When you do technical analysis it is sometimes easy to forget to check the “bigger picture”.
Often we focus on a specific chart and time frame and we do not consider what is happening on a larger scale.
This can be also when we check the Relative Strength Index indicator.
We might be checking the value on a M30 chart and this looks oversold. However, checking the same on a H4 chart this is perhaps in overbought area.
To improve this I created the RSI Multi Time Frame Indicator for Metatrader.
This indicator makes it easy to have a view of the RSI Oscillator in all the selected Time Frames.
You can see in a small table the value of the indicator and its recent trend in the same chart.
How To Use RSI Multi Time Frame For Metatrader
The RSI Multi Time Frame Indicator For Metatrader can show you if the relative strength index is currently in an overbought or oversold area in all the time frames.
At the same time the indicator can show you the trend of the line, if it is higher or lower than the previous.
The indicator includes the following features:
- Alert when all the time frames are in the same area
- Notification if there is a change in the status, going overbought, oversold or back in range
- Selection of the time frames, you can decide to include or ignore specific time frames
- Notifications to Mobile, Email and On Screen
Download RSI Multi Time Frame For Metatrader
You can try the indicator on AUDNZD with the Demo version or get the full version.
Even if the RSI oscillator is an old but still very popular indicator.
It is a momentum indicator that can help a trader spotting overbought and oversold situations and act accordingly.
The RSI Multi Time Frame Indicator for Metatrader allows you to see the status of the oscillator in all of the time frames. In this way you can have a better understanding of the overall situation.
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