The RSI is one of the most popular indicators in the trading world. It may be said that it is the most popular among the oscillator indicators that are commonly used for determining overbought/oversold levels.
This MT4 indicator is useful for using the RSI more conveniently and also more efficiently. This indicator shows the RSI of various time frames in one sub window under the price chart.
Look at the image above. You should be able to see that the different time frames of the RSI are displayed clearly under the price. This makes it super easy to see what kind of momentum is occurring in which time frame - and with that, easier to spot any potential trading opportunities. This indicator should be especially suitable for people who like tops/bottoms picking and reversal trading.
Basically, it would be good to trade as if it were “overbought if it exceeded 70” and “oversold if it was below 30” as in normal RSI.
In addition, the supported time frame is up to 15-minute chart.
Tips for using :
1. Tops/bottoms picking and reversal trading
- There are many people who use the RSI for contrarian trading and picking reversals. This indicator is also useful for such style of trading and it takes the analysis to the next level.
- For example, if the RSI of the upper time frame as well as the current time frame is overbought, the winning rate of the trades may increase compared to if trades are taken as soon as the RSI is overbought on only one time frame.
- You can also be creative with this indicator and make your own rules such as "Trade if this RSI and this RSI are overbought or oversold".
2. Momentum/trend analysis
- The rising RSI used for trend judgment can be evidence that the buying power is strong or weak. It may be good to use RSI for trend judgment using these characteristics. For example, if RSI is rising in various time frames, a strong trend may be underway which will give you greater confidence to take trades in that direction.
- RSIperiod - Used for calculation of the indicator
- AppliedPrice - Used for calculation of the indicator
- showHigherTimeframes - If this is true,W1 and MN1 time frame will not be shown
- Bars per Time Frame - Defines how many bars will be used
- shiftRight - align right
- Text Color
- Separator Color
Download the "ALL RSI" indicator for free from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.