RSI Screener Indicator for Metatrader 5
- Indicators
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Raul Canessa Castameda
My name is Raúl Canessa Castañeda, I am 45 years old and I work part-time developing indicators and EAs for the Metatrader 4 and Metatrader 5 platforms. I recently started developing custom indicators for sale in the MQL5 market. I have more than 5 years of experience as a Forex trader and MQL4 and - Version: 1.10
- Activations: 5
RSI Screener for MT5 is a simple dashboard-type indicator that displays the RSI (Relative Strength Index) oscillator values on different instruments and time frames chosen by the user. In addition, it can be configured by the trader to show signals when the RSI is in overbought/oversold condition, when it crosses these levels or when it crosses the 50 level, which is important in some strategies. It is simple and easy to configure.
On its own, it should not be used as a trading system since RSI signals are not 100% reliable, as is the case with all technical indicators, but it is a useful support tool.
The parameters that can be configured in RSI Screener are the following:
- RSI Period : This is the number of periods used in calculating the RSI. The default value is 14.
- Overbought Level : This is the level where the RSI reaches overbought condition. It is taken as a bearish signal from the indicator. The default value is 70.
- Oversold Level : This is the level where the RSI reaches oversold condition. It is taken as a bullish signal from the indicator. The default value is 30.
- List of Symbols: Here the trader indicates the markets or currency pairs for which he/she wants to calculate the RSI values. As many pairs as the broker offers on the platform can be added. By default, the indicator displays EURUSD, GBPUSD, USDJPY and AUDUSD pairs.
- List of Timeframes : In this parameter we can indicate in which time frames we want to calculate the RSI for each currency pair. We can add all the time frames that MT5 offers. By default, the indicator displays the M5, M15, M30, H1, H4, D1 and W1 time frames.
- Number of bars for arrows display: This parameter is used to assign a specific number of bars for plotting visual signals on the RSI chart.
- RSI Overbought/Oversold Signals : In this parameter we indicate whether we want the table to display overbought and oversold signals. By default, the value is False (do not display). If we want the signals to appear, we must select True.
- 50 Level Crossover Signals: In this parameter we indicate whether we want the dashboard and the alert window to show bullish and bearish RSI level 50 crossover signals. By default, the value is set to False (do not show). If we want the signals to appear we must select True.
- Windows Alerts: It allows the indicator to display alerts in the MT5 signals window.
- Email Alerts: It allows the indicator to send alerts via email.
- Push Notifications: This parameter allows to display alerts in the MT5 app via push notifications.
-To add new currency pairs in Markets, we write the symbol of the pair, for example XAUUSD or XAGUSD, without the “/” symbol and separated by a comma (without spaces).
- Overbought and oversold signals and 50 level crossing are shown as changes in the screener cell and text color. For example, when the RSI is in an overbought condition the text and box changes to green and when it is in an oversold condition it changes to red. You can change the colors in the setting window.
-It has a function that allows the user to access the price chart where the signal is being produced by clicking on the corresponding cell of the screener.
