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RSI Breakout Dashboard

RSI Breakout Dashboard is a tool for multiple currency pairs analysis at the same time in terms of breakout (return) from Oversold or Overbought Zone to Neutral Zone.


All displayed and used by indicator symbols are free to choose and are specified using a space separated list in parameters, so you're able to analyze not only predetermined ones, but everything that your broker offers, also commodities, equities, indices, ones with prefixes, suffixes etc.


You can choose 3 types of alerts: alert notifications in the MT4 terminal, push notifications to mobile device and email alerts, e.g. sent from VPS.


The most important parameters are period of RSI ("RSI Period"), 2 levels ("RSI Breakout Low Level", "RSI Breakout High Level") and hysteresis ("Breakout Hysteresis"). We get notifications above low and below high level if the value of RSI previously touched high or low level increased or decreased with value of hysteresis (specified in "Breakout Hysteresis" parameter). That gives us opportunity to filter bad/false signals from fluctuations of the RSI value.


The best explanation will be a simple example:

We set three parameters: RSI Breakout Low Level to 30, High Level to 70 and Breakout Hysteresis to 5,

  • if the value of RSI touches area below 25 or is equal to (25 comes from "RSI Breakout Low Level" minus "Breakout Hysteresis") indicator saves a fact of oversold state in memory and waits until "RSI Breakout Low Level" (=30) is crossed,
  • if RSI goes above Low Level (>30) it triggers alert to BUY (immediately or after closing the bar on specified timeframe, depending on "Use Only Closed Bars" - if "False" it alerts immediately),
  • if the RSI goes up further and touches 50, the alert state is reset (>=50) and another alert may occur when the RSI touches overbought or oversold zone and returns to neutral zone again.

In case of overbought it's similar, but inverted - the price goes down and crosses the hysteresis zone back to the neutral zone and gives SELL.


All available timeframes in MT4 are possible to choose in the parameters of indicator, from M1 (1 Minute) to MN (1 Month). On the screen you'll see (as columns) only selected TFs and they will be used for alerts, notifications, emails etc.


For every alert you can add comments: "Breakout From Oversold Comment" (default: "BUY") and "Breakout From Overbought Comment" (default: "SELL"), which are embedded between timeframe and RSI period. Information received in the alerts are: symbol, timeframe, comment, RSI (with given period) breakout from Oversold/Overbought zone at RSI level, eg.: EURUSD M15 BUY - RSI (14) breakout from Oversold zone at 30.

We can also choose whether the whole text of email alert is in the body or in the subject of email message ("Whole Text Only In Email Subject"). When set to False alerts look like:

Subject: GBPUSD

Body (comments on): M15 SELL - RSI (14) breakout from Overbought zone at 70

If we set "Whole Text Only In Email Subject" to True - whole text will be in subject.

In the header of RSI Breakout Dashboard are displayed 4 actual parameters: RSI Period, 2 RSI Levels and "Real Time Values" or "Only Closed Bars" (depending on parameter "Use Only Closed Bars").


Every color and font size of an indicator is modifiable.

Default colors mean:

Green - RSI is below RSI Breakout Low Level decreased with Hysteresis (Oversold Zone), e.g. 30-5=25.

Red - RSI is above RSI Breakout High Level increased with Breakout_Hysteresis (Overbought Zone), e.g. 70+5=75.

Gray - RSI in Hysteresis area (e.g. between 25 and 30 or 70 and 75).

Gainsboro - RSI in Neutral Zone, e.g. between 30 and 70.


All the smileys show the last state that was triggered (green = BUY or red = SELL) so long as it is not reset to neutral (Gainsboro).


You can set maximum spread at which the alerts will come ("Alerts Max Spread").

Spread values also can have different colors:

a) when it's lower or equal to "Alerts Max Spread",

b) between 1 and 1.5 times higher than parameter,

c) above 1.5 times higher than parameter.

I suggest to make a new template with "RSI Breakout Dashboard" and scheme without colors ("None"), only Background and Foreground set to "White".


Remember, no one except yourself is responsible for any investment decision made by you.

You are responsible for your own investment research and investment decisions.

Good luck!

Richard Jehl
1723
Richard Jehl 2017.02.21 01:15 
 

Dominik's projects and tools are among the most interesting and valuable over here, and the price is fair. First 5 trades using this dashboard were winners. But I still need to build a precise system as regard to SL and TP, and test on the long term. Thank you Dominik.

johanmichel
121
johanmichel 2017.02.16 16:57 
 

Awesome tool, great support and a great guy. I made 126% profit in a month because of his tools!

fabbry72
1364
fabbry72 2016.12.04 16:09 
 

Great dashboard very accurate,

together only two simple MA and PA in one months I made +40%

Profitable trading doesn't need complicated strategies: the right way is keep things extremely simple.

Good job Dominik !!

Fab.

schweizer
47
schweizer 2016.08.03 11:51 
 

This is what I was looking for a long time! Brilliant RSI dashboard, which shows when the price returns from overbought or oversold zone to neutral zone and thereby shows a retracement or reversal of the trend. Unbelievable results compared to values of standard RSI oscillator or even dashboard! Using Price Action for a confirmation, as you said on the forum!

Grüsse aus Zürich!

khoopla
22
khoopla 2016.07.29 17:59 
 

Been working great this past week, excited for the future!!

バージョン 2.0 2020.06.22
Added an option to select on/off each one timeframe from all timeframes available in MT4, from M1 to MN. Selected timeframes are visible and used by indicator for alerts etc. Unused timeframes are hidden and inactive.

Changed the method of entering symbols in the form of a convenient list. Only entered symbols (and available on active account) are visible and used. Anything that is not on the list or is on the list, but doesn't exist on an account is automatically excluded from the list of visible symbols on dashboard.

Added parameter "RSI Applied Price" to choose desired price base for RSI calculations (all possible methods are available, i.e. Close Price, Open Price, Maximum and Minimum Price for the period, Median, Typical and Average Price).

Added possibility to change all font sizes, colors and to set spacing in pixels between columns and rows.

Cosmetic changes like removing underscores ("_") from parameter names.

Optimized code.