All RSI Dashboard Metatrader 4 Forex Indicator
The All RSI Dashboard Metatrader 4 forex indicator shows RSI (Relative Strength Index) for 7 different time frames.
Originally developed by J. Welles Wilder, RSI is a very popular forex indicator that measures the speed and change of price movements.
The RSI indicator can be applied to any trading instrument (forex, stocks, indices,..).
In forex, RSI is most commonly used to identify oversold and overbought market levels.
The RSI is considered oversold when below the 30 level and overbought when above 70.
The All RSI Dashboard indicator supports the following time frames: 15-minute, 30-minute, 1-hour, 4-hour, day, week and month.
It’s highly recommended to use the RSI indicator in agreement with a trend following indicator.
Why? RSI works well in range-bound markets but will fail in trending markets.
Trade oversold signals from RSI when the trend is upward and ignore the overbought signals.
Trade overbought signals from RSI when the trend is downward and ignore the oversold signals.
The default RSI period is set to 14 but can be changed to any value of your choice.
The EUR/USD 1-Hour chart below displays the All RSI Dashboard Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the All RSI Dashboard MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the RSI indicator crosses back above 30 from below.
Sell Signal: Open sell trade position when the RSI indicator crosses back below 70 from above.
Trade Exit: Close the open buy/sell trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (RSI period, Applied price, Show higher time frames, Bars per time frame) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the all-rsi-indicator.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)