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Thushara Dissanayake  

The Relative Strength Index (RSI) can be used in trading for various purposes:

  • Identifying Overbought and Oversold Levels: The RSI can help traders identify when an asset is overbought or oversold, indicating a potential reversal in price.

  • Trend Confirmation: By analyzing the RSI's movement in relation to the price trend, traders can confirm the strength or weakness of a trend.

  • Divergence Signals: Divergence between the RSI and price action can provide early signals of a potential trend reversal.

  • Entry and Exit Points: Traders can use the RSI to determine optimal entry and exit points based on overbought and oversold conditions.

  • Momentum Analysis: The RSI can be used to assess the strength and momentum of price movements, aiding in trade decision making.

  • Trendline Breaks: The RSI can help identify breaks in trendlines, indicating potential shifts in the price direction.

  • Reversal Patterns: The RSI can assist in spotting chart patterns, such as double tops or double bottoms, that may indicate trend reversals.

  • Confirmation of Support and Resistance Levels: The RSI can provide additional confirmation when price approaches key support or resistance levels.

  • Volatility Assessment: Traders can use the RSI to gauge market volatility and adjust their trading strategies accordingly.

  • Trade Management: The RSI can help traders manage their trades by providing signals to adjust stop loss levels or trail stop orders based on RSI levels.




Relative Strength Index (RSI) trading strategies:

  • Overbought and Oversold Levels: One common strategy using the RSI is to identify overbought and oversold levels. When the RSI reaches or exceeds the overbought level (typically above 70), it may indicate that the market is overextended and due for a potential reversal. Conversely, when the RSI drops to or below the oversold level (typically below 30), it may suggest that the market is oversold and ripe for a possible upward correction.

  • RSI Divergence: Another strategy involves looking for divergences between the price and the RSI. Divergence occurs when the price makes a higher high or a lower low, but the RSI fails to confirm it with a corresponding higher high or lower low. This can signal a potential trend reversal or a weakening of the current trend, providing opportunities for entry or exit points.

  • Trend Confirmation: Traders can use the RSI to confirm the prevailing trend. In an uptrend, the RSI tends to stay above 50, and during a downtrend, it typically remains below 50. Traders can look for opportunities to enter trades in the direction of the trend when the RSI confirms the trend by staying within the expected range.

  • RSI Support and Resistance: The RSI can also be used to identify support and resistance levels. When the RSI repeatedly finds support around a specific level, it may act as a floor for the price, indicating a potential buying opportunity. Similarly, when the RSI encounters resistance at a particular level, it may act as a ceiling for the price, suggesting a possible selling opportunity.

  • RSI Crossovers: Traders can watch for crossovers of the RSI with its moving averages, such as the 50-period or 200-period moving average. A bullish crossover occurs when the RSI moves above the moving average, indicating increasing bullish momentum. Conversely, a bearish crossover happens when the RSI drops below the moving average, suggesting increasing bearish momentum.

  • RSI Range Trading: Some traders employ a range trading strategy using the RSI. They identify a specific range within the RSI values (e.g., between 30 and 70) and consider buying when the RSI is at the lower end of the range and selling when it reaches the upper end. This strategy assumes that the RSI will revert to its mean within the established range.

  • RSI Breakouts: Traders can also look for RSI breakouts above or below key levels, such as 50 or previous swing highs/lows. A breakout above 50 may indicate a strengthening bullish momentum, while a breakout below 50 may suggest an increasing bearish momentum.

  • Multiple Timeframe RSI Analysis: By analyzing the RSI across different timeframes, traders can gain a broader perspective on market conditions. For example, they can look for alignment or divergence of RSI signals on daily, weekly, and monthly charts to confirm trends and potential reversals.

  • RSI with Price Patterns: Combining RSI with traditional price patterns, such as double tops, double bottoms, or head and shoulders patterns, can provide additional confirmation signals. When the RSI supports the pattern's signal, it enhances the validity of the pattern and may offer stronger trading opportunities.

  • RSI with Trendlines: Traders can draw trendlines on the RSI to identify support and resistance levels within the indicator. The RSI trendlines can help confirm the prevailing trend, provide potential entry or exit points, and indicate potential trend reversals when broken.

  • Remember to thoroughly backtest and practice these strategies before implementing them in live trading, and adapt them to your individual trading style and risk tolerance.


Advantages of choosing RSI Multi Timeframe Alert as your trading indicator:

  • Simultaneous Analysis of Multiple Timeframes: The RSI Multi Timeframe Alert allows you to analyze the Relative Strength Index (RSI) across multiple timeframes simultaneously, providing a comprehensive view of the RSI's behavior.

  • Early Identification of Overbought and Oversold Levels: With the alert system, you will receive timely notifications when the RSI enters overbought or oversold levels, enabling you to take prompt trading actions.

  • Flexible Alert Activation: You have the ability to activate or deactivate the alerts based on your preferences, allowing you to customize the indicator according to your trading strategy.

  • User Friendly Interface: The indicator features a user friendly interface and quick access buttons, making it easy to navigate and adjust the parameters.

  • Mobile and Popup Alerts: The fast alert system sends mobile and popup alerts, ensuring that you stay informed about RSI levels even when you are away from your trading platform.

  • Customizable Parameters: The indicator offers user friendly parameters, giving you the flexibility to customize and fine-tune the settings to align with your trading preferences.

  • Versatility with Multiple Timeframes: The RSI Multi Timeframe Alert can be applied to various timeframes, allowing you to analyze RSI signals across different durations, from minutes to months.

  • Enhanced Decision Making: By considering RSI signals from multiple timeframes, you can make more informed trading decisions and have a better understanding of the overall market sentiment.

  • Convenient Alert Filters: You can set specific levels for overbought and oversold conditions, and choose to activate or deactivate alerts based on these predefined thresholds.

  • Visual Clarity with Graphic Parameters: The indicator provides visual clarity with customizable theme colors and coordinate settings, ensuring a clear and visually appealing display on your trading chart.
Thushara Dissanayake  

v1.0 Features

  • User friendly interface and quick access buttons: The RSI Multi Timeframe Alert indicator offers a user friendly interface that is easy to navigate. It provides quick access buttons for convenient interaction, allowing traders to efficiently utilize the indicator's features.

  • Mobile and Pop-up alerts for overbought and oversold levels: The indicator includes a fast alert system that sends mobile and pop-up alerts whenever the RSI enters the overbought or oversold levels. This feature ensures that traders stay informed about potential market opportunities even when they are away from their trading platform.

  • Activate/Deactivate function for every alert: Traders have the flexibility to activate or deactivate the alerts provided by the indicator based on their preferences. This feature allows users to customize their trading experience and receive alerts only for the specific conditions they are interested in.

  • User friendly parameters: The RSI Multi Timeframe Alert indicator offers user friendly parameters that can be easily adjusted to align with individual trading preferences. Traders can customize the indicator settings according to their specific trading strategies, timeframes, and risk tolerance, enhancing their overall trading experience.

  • Accurate and reliable RSI identification: The RSI Multi Timeframe Alert indicator utilizes robust algorithms to accurately identify and calculate the RSI values. This ensures reliable and consistent RSI readings, enabling traders to make sound trading decisions based on the indicator's information.



v1.0 Parameters

  • RSI Signal Filter
    • Averaging Period - Averaging period for calculation
    • Applied Price -  Applied price
    • RSI Timeframe Filters
      • M1 - Activate/ Deactivate M1 RSI 
      • M5 - Activate/ Deactivate M5 RSI 
      • M15 - Activate/ Deactivate M15 RSI 
      • M30 - Activate/ Deactivate M30 RSI 
      • H1 - Activate/ Deactivate H1 RSI 
      • H4 - Activate/ Deactivate H4 RSI 
      • D1 - Activate/ Deactivate D1 RSI 
      • W1 - Activate/ Deactivate W1 RSI 
      • MN - Activate/ Deactivate MN RSI 
  • Alert Parameters
    • Alert Types
      • Mobile Alert - Activate/ Deactivate, mobile notifications
      • Popup Alert - Activate/ Deactivate pop up message alerts
    • Alert Filters
      • Level Alert - Activate/ Deactivate alerts by levels
      • Overbought - Overbought level
      • Oversold - Oversold level
    • Alert Other
      • Alert Reset - The time period for notify the same level alert again
  • Graphic Parameters
    • Theme Color 1-3 - Colors for buttons and others
    • X Distance - X coordinate for indicator name
    • Y Distance - Y coordinate for indicator name
    • Panel - Activate/ Deactivate button panel