RSI Multi Time Frame
The Relative Strength Index (RSI) is an oscillator that compares the magnitude of recent gains to recent losses in an attempt to determine overbought and oversold conditions of an asset. The RSI ranges from 0 to 100.
An asset is deemed to be overbought once the RSI approaches the 70 level, meaning that it may be getting overvalued and is a good candidate for a pullback. Likewise, if the RSI approaches 30, it is an indication that the asset may be getting oversold and therefore likely to become undervalued.
The RSI supports the traders to find an optimal time to enter a trade or take profits.
The Standard RSI of the MetaTrader 4 can only be displayed in one Time Frame at one time. To improve the hit rate of your trades (especially in lower time frames) the "RSI Multi Time Frame" will show all RSI Charts and values from all Time Frames.
-> If you see that the RSI Value of many TimeFrames are overbought/oversold it will give a huge improvement of the Quality of your Trades
- there will appear a box around the value if it's over 70 or under 30 -> easier to identify which Time Frame is Overbought / Oversold
- Optional: sound alert when RSi is over 70 or under 30 / sound alerts again when the RSI value goes under 70 / over 30 again and remains for a defined period of time
- Optional: Push Notification which informs you if a Time Frame is Overbought / Oversold -> Closing Trades on your Mobile Phone possible if you aren't at home
- Send Push Notifications - You get Push Notifications to your mobile phone if the RSI Value is over 70 or under 30 and when prices moves back over 30 or under 70
- Sound Alerts - You get a sound alert if the RSI Value is over 70 or under 30
- Time in Seconds price moves from 70/30 - If RSI Value is e.g. under 30 and moves back over 30 you get a Push Notification to your mobile phone if the RSI Value is longer than the defined seconds over 30 - > This bewares you to get too many notifications if the Value of the RSI flucuates around the value
- RSI Period - Standard: 14
- Applied to - Standard: Close price
- Overbought Level - Standard: 70
- Oversold Level - Standard: 30
Settings for different TimeFrames: M1 / M5 / M15 / M30 / H1 / H4 / D1 / W1 / M1
Example for M1
- M1 Color Choose the Color of Line on the Chart
- M1 Line Style Choose the Line Style
- Sound Alert M1 You get a sound alert of the RSI Value of the TimeFrame M1 is over 70 or under 30
- Sound File Choose your individual Sound
- Push Notification M1 Get a push notification only for the TimeFrame M1
Choose the same settings individual for the other TimeFrames