The Color RSI with Alert indicator is an RSI type Metatrader 4 indicator that gauges the ratio of the upward price movement to its downward component.
As a momentum oscillator, the indicator is known to signal bullish and bearish price strength, and is plotted in a sub-window beneath the asset’s price.
The overbought and oversold price conditions are marked using the colored line segments of the indicator i.e. red and lime green respectively.
Key Takeaways
- Just to get a clearer picture of how the market is fairing, pay more attention to the positioning of the Color RSI with Alert indicator line in relation to the 50.00 horizontal level.
- Generally speaking, when the indicator’s line is aligned above the 50.00 signal level, the underlying asset is said to be bullish, while the asset’s price is said to be bearish when the indicator’s line is positioned below the 50.00 signal level.
- The red and lime green line segments of the Color RSI with Alert indicator are key pointers to the asset’s overbought and oversold conditions in the market.
Feel free to explore the Color RSI With Alert Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Download the “color-rsi-with-allert-indikator.ex4” Metatrader 4 indicator
Color RSI With Alert Forex Indicator Chart (AUD/JPY M30 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Color RSI With Alert MT4 Indicator
Buy Signal: Go long when the Color RSI With Alert indicator line gets printed above the 50.00 horizontal level while within its indicator sub-window.
When price bar open and closes above the blue 55 SMA indicator line, it is a buy confirmation.
Sell Signal: Go short when the Color RSI With Alert indicator line gets printed below the 50.00 horizontal level while within its indicator sub-window.
When price bar open and closes below the blue 55 SMA indicator line, it is a sell confirmation.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Color RSI With Alert indicator line somewhat falls below the 50-signal level. Else, close buy orders when price bars open and closes below the 55 SMA indicator line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Color RSI With Alert indicator line somewhat breaks above the 50-signal level. Else, close sell orders when price bars open and closes above the 55 SMA indicator line.
Tips: The Color RSI With Alert indicator offers newbies as well as pro-traders an easy way to jump and start trading the currency market.
It can also be adopted across different time frames; therefore, it can be comfortably deployed for swing and day trading purposes.
When used in combination with other technical indicators such as the Simple Moving Average, its results become greatly improved.
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Download the “color-rsi-with-allert-indikato.ex4” MT4 indicator
Adjustable Parameters
RSI Period, price type, time frame, over bought, over sold, show arrows, alerts on, alerts message, alert sound, alerts email.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Oscillator
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.