In this article, we present a custom dashboard indicator for Metatrader 4, called RSI Signals, which displays multiple signals from the RSI indicator on different instruments and time frames. It is a free custom indicator where the trader can select the currency pairs and time frames they want to view. Also, it is able to show when the RSI is in overbought and oversold condition on a specific pair and time frame.
More information about the RSI indicator and the types of signals provided by this technical indicator in the following article: The RSI Oscillator
In the image below we show the 14 periods RSI dashboard for 6 currency pairs and all MT4 time frames from 1 minute to 1 month.
The indicator allows you to select any currency pair or instrument offered by the broker and any time frame. You can also choose the RSI calculation period and the overbought and oversold level (by default 70 and 30 respectively).
Next, we have the indicator configuration window with the different parameters that we can determine:
The indicator parameters are as follows:
- Applied Price: This parameter allows to select the price type used in the calculation of the indicator. By default, the closing price is used.
- RSI period: It is the number of periods used in the calculation of the RSI. The default value is 14.
- Overbought level: It is the level where the RSI reaches an overbought condition. It is taken as a bearish signal of the indicator. The default value is 70.
- Oversold level: It is the level where the RSI reaches an oversold condition. It is taken as a bullish signal of the indicator. The default value is 30.
- Markets: Here the trader indicates the markets or currency pairs in which he wishes to calculate the RSI values. You can add as many pairs as the broker offers on the platform. By default, the indicator shows EURUSD, GBPUSD, USDJPY, and AUDUSD pairs.
- Time_frames: In this parameter, we can indicate in which time frames we want to calculate the RSI for each currency pair. We can aggregate all the time frames that MT4 offers. By default, the indicator displays the following timeframes M5, M15, M30, H1, H4, D1 and W1.
- Overbought/oversold signals: In this last parameter we indicate if we want the dashboard to show overbought and oversold signals. By default, the value is False (do not display). If we want the signals to come out, we must select True.
-To add new currency pairs in Markets, we write the symbol of the pair, for example, XAUUSD, without the “/” symbol and separated by a comma (no spaces).
-Overbought and oversold signals are shown by changes in the color of the RSI boxes. When the RSI is in an overbought condition the box turns red and when it is oversold it turns green.
RSI_Signals indicator download
This indicator was created by the ForexDominion.com team and can be downloaded and used free of charge.
This RSI signals indicator is set up according to the standard methodology for setting up indicators on MT4. You can download this indicator at no cost at the following link:
RSI_Signals indicator of RSI signals
You can access a complete list of free custom indicators for MT4 and MT5 in the following article: List of Custom Indicators For Metatrader
Future updates of the RSI_Signals indicator
Later we will develop a paid version of this indicator for MT4 and MT5 that, in addition to overbought and oversold signals, will also show when the RSI crosses the 0 level, when its trend changes, or when it diverges with the price.
You can access a complete version of this indicator with signals included on the following site: RSI_Signals full version
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 don’t have the time or knowledge to do it yourself, we can get the job done for you in no time and at the best prices.
You can contact us by:
-rcanessa@gmail.com