New RSI Visual Indicator

[awratten]

Hi Guy's,

Just finished coding this Indicator. I'm interested in what you guys think.

Settings I use:

RSIPeriod=10

BuyLevel = 25

SellLevel = 75

arrow_rsi.mq4

[pavaka]

in a strong trend situation it will be highly misleading...

[awratten]

Pava:
in a strong trend situation it will be highly misleading...

Hi Pava, Thanks for the comment.

Can you give an example of what you mean? I'm still working on it and this is only the first version & feedback will be very helpful

[awratten]

This isn't a trend indicator it's a retracement entry point.

settings : RSI 14, Buy 25, Close 70;

On the AUDUSD H1 - it's a buy only entry point indicator

buy at every up arrow & close all at down.

[name]

It seems to be giving too much false signals

[awratten]

on my own:
It seems to be giving too much false signals

Hi on-my-own

you can adjust the upper and lower bounds to reduce the number of signals.