The all RSI (Relative Strength Index) multiple time frame indicator displays 7 RSI mini-charts in a separate MT4 trade window.
This makes it very easy for anyone to check the RSI across multiple time frames without changing the current chart.
The indicator displays the RSI values for the following time frames: M15, M30, H1, H4, D1, W1 and MN1.
Interpret the RSI indicator as follows:
- RSI values above 70 are considered overbought.
- RSI values below 30 are considered oversold.
Tip: Don’t use the RSI indicator on its own, instead, combine with a trend following Forex indicator to design a complete Forex trading solution that works.
For instance, combine the RSI with the 200 period simple moving average indicator.
The 200 SMA will identify the overall trend and the RSI will provide the entry signals.
Let’s consider price trades above the 200 period SMA.
It suggests the overall trend is upward. In this case, you will trade the RSI oversold signals and ignore the overbought signals.
Vice versa when the overall trend is down.
Feel free to explore thie RSI MTF indicator’s different parameters and settings to create your own personalized indicator setup.
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All RSI MTF Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
This indicator works for any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The All RSI MTF Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the overall currency trend is up and the RSI indicator crosses back above 30 from below.
Place a protective stop loss 1-3 pips below short-term support, or use your own stop loss placement strategy.
Close the buy trade for a reward/risk ratio of 1.7 or higher, or when an opposite trading signal arrives on the chart.
Alternatively, go for a fixed take profit target, for example, exit the buy trade for 20 pips on the 5-minute intraday chart.
Sell Trigger: Open a sell trade when the overall currency trend is down and the RSI indicator crosses back below 70 from above.
Place a protective stop loss 1-3 pips above short-term resistance, or use your own stop loss placement strategy.
Close the sell trade for a reward/risk ratio of 1.7 or higher, or when an opposite trading signal arrives on the chart.
Alternatively, go for a fixed take profit target, for example, exit the buy trade for 60 pips on the 1-hour swing chart.
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RSI period, applied price, show higher time frames, bars per time frame, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
However, combine the RSI indicator with:
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: RSI oscillator
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.