Relative Strength Index with advanced functionality recalculates (converts) the averaging period in accordance with the value of parameter Time Frame for lower chart time intervals (Multi-TimeFrame (MTF)). Unlike the standard indicator, RSI converter includes an alert system that notifies about changes in market situation, it consists of the following signals:
- Main line crosses levels of extreme zones (30%, 70%) and the level of 50%;
- The main line crosses one or two trendlines in the indicator window;
- Divergence on the last bar
Parameters of the middle and extreme levels and divergence zones are customizable.
- Language – select English or Russian;
- Options – select the time interval to convert, Current - current time period (the indicator operates in the normal mode). Selecting RSI averaging period for the applied price: Close, Open, High over a period, Low over a period, Median, Typical, Weighted;
- Level Сrossing – enable/disable alert when RSI main line crosses overbought/oversold levels and the midline;
- Divergency – enable/disable an alert of price divergence in the main window and indicator window on the last bar;
- Trend Line RSI – enable/disable an alert when RSI line crosses one or two trendlines in the indicator window. Trend lines should be applied by the user, they should be named as "Name Trend Line 1" and "Name Trend Line 2" in the indicator Properties window;
- Message System – system of alerts.
Alerts appear as a comment in the main chart window, as an alert, push notifications for the mobile version of the terminal installed on a mobile phone, or an e-mail. The convenience of the indicator is that it allows you to receive and track signals away from your PC (on your mobile device) so that you can control position opening and closing. All alerts are triggered upon the close of the bar corresponding to the time period of the chart window. If option 'Trend Line RSI' is enabled and there are no trendlines in the indicator window, an error alert is played and a warning is displayed in the main indicator window. Also a warning is displayed if the RSI period value is incorrect - there are not enough bars on the chart for the period to convert, use a lower indicator period or update quotes.
The system of alerts of RSI Converter is similar to that used in the RSI Message indicator.
Wish you successful trading!