RSI Screener Indicator for Metatrader 4

The RSI is one of the most popular oscillator-type indicators because it tends to generate fewer false signals than other similar indicators and provides more reliable overbought and oversold signals.

Many trading systems, including countertrend systems, include the RSI as part of their entry and exit filters, as it is one of the few technical indicators that has stood the test of time.

For this reason, we have developed a modified dashboard-type indicator for Metatrader 4, a screener that displays RSI values on different instruments (markets) and timeframes along with overbought/oversold signals, bullish and bearish crosses of the 50 level, and real-time alerts.

More information about the RSI indicator can be found in the following article: RSI Technical Oscillator

RSI Screener indicator
RSI Screener indicator

This is a simple and easy-to-use tool that allows traders to track the RSI indicator in any market offered by their broker and timeframe of their choice (we can monitor RSI behavior on all timeframes provided by MT4, from 1 minute to 1 month).

In summary, the dashboard displays the following signals:

  • Real-time RSI values on all selected timeframes and instruments.
  • When the RSI reaches an overbought value (above 70) or oversold value (below 30).
  • When the RSI crosses above the 50 level, indicating a bullish signal.
  • When the RSI crosses below the 50 level, indicating a bearish signal.

It also features a window with signal alerts that inform the trader about the market and timeframe where one of the aforementioned events is occurring. The following image corresponds to the signal window of the indicator:

RSI Signals indicator alerts
RSI Signals Dashboard & Alerts

Regarding the options provided by the signal dashboard, the trader can add any currency pair and instrument offered by their broker, as well as all timeframes in Metatrader 4, from 1 minute to the monthly timeframe.

The trader can configure the type of price used in the RSI calculation, the number of calculation periods, overbought and oversold levels, and even the colors displayed on the dashboard.

Parameters for the RSI Oscillator Screener Indicator

In the following screen, we display the configuration parameters of the indicator:

RSI Screener settings

The parameters that can be configured in RSI Signals are as follows:

  • Applied Price: Type of price used for RSI calculation (Close, Open, High, Low, Median, Typical, and Weighted).
  • RSI Period: The number of periods used in the RSI calculation. The default value is 14.
  • Markets: Here, the trader specifies the markets or currency pairs for which they want to calculate RSI values. As many pairs as offered by the broker on the platform can be added. By default, the indicator shows the pairs EURUSD, GBPUSD, USDJPY, and AUDUSD.
  • Timeframes: In this parameter, we can indicate the timeframes for which we want to calculate RSI for each currency pair. We can add all timeframes offered by MT4. By default, the indicator shows timeframes M5, M15, M30, H1, H4, D1, and W1.
  • Overbought/Oversold Signals: In this parameter, we indicate whether we want the table to show overbought and oversold signals. By default, the value is set to False (do not show). If we want the signals to appear, we should select True.
  • Overbought Level: The level where the RSI reaches overbought condition. It is considered a bearish signal from the indicator. The default value is 70.
  • Oversold Level: The level where the RSI reaches oversold condition. It is considered a bullish signal from the indicator. The default value is 30.
  • Overbought Color: It is the color of overbought readings on the dashboard.
  • Oversold Color: This is the color of oversold readings on the dashboard.
  • Level 50 Cross Signals: In this parameter, we indicate whether we want the dashboard and alert window to show signals of bullish and bearish crosses of the 50 level of RSI. By default, the value is set to False (do not show). If we want the signals to appear, we should select True.
  • Bearish Cross Color: Here, we can configure the color of bearish crosses of the 50 level of RSI.
  • Bullish Cross Color: Here, we can configure the color of bullish crosses of the 50 level of RSI.

How can we acquire the RSI Screener indicator for MT4?

The modified RSI Screener indicator for MT4 was created by ForexDominion developers and can be purchased through PayPal at a price of $30 using the following form:

Item to buy1 copy of the modified RSI Screener Indicator for Metatrader 4 in .ex4 format

RSI Screener Indicator

Unit price (USD)$30
Instructions*By clicking on “Purchase” you will be redirected to the Paypal page to complete the payment.
If you have any problems please contact admin@tecnicasdetrading.com with the payment details.

You can also contact us at https://www.forexdominion.com/contact-us.

You can also purchase the indicator through the MQL5 market using the following link:

Buy or Download a Free Demo Here

The MQL5 market was selected because it is a secure option for both buyers and sellers. It facilitates the purchasing process and avoids any kind of fraud. It ensures that the product is delivered quickly and securely once the seller receives payment through the platform.

Additionally, on MQL5, it is possible to download a limited-time demo version that allows the user to check if the product suits their needs.

Recommendations

As with any other technical indicator, RSI is not infallible and can also produce failed trading signals. For example, a market may be in overbought or oversold condition for an extended period before changing its trend.

The signals from this indicator should not be used as the sole criteria for opening and closing trades.

Therefore, we recommend using this indicator in combination with other technical analysis tools for more reliable signals.

Are you interested in developing a custom technical indicator or Expert Advisor for MT4 or MT5?

If you are interested in developing a custom indicator or EA based on your own trading strategy or idea but lack the time or knowledge to do it yourself, we can handle the job for you quickly and at competitive prices.

You can contact us at: rcanessa@gmail.com


 

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