Improved RSI indicator for MetaTrader 4

• Improved, easy to use, and highly effective RSI indicator for free
• With our RSI indicator, you will be able to predict and profit from strong long-term market trends
• Very accurate signals of market direction
• Useful for all markets (forex, commodities, stocks, indices and others) and timeframes 
• Compatibility: MetaTrader 4
• Monthly updated for free

How to trade with the RSI indicator profitably:

The indicator was created based on a very simple but effective RSI basis.  The indicator shows two different arrows in a chart. The arrows may have two colors - blue is signaling a bullish trend and red is signaling a bearish trend.

You can easily take an advantage of this indicator. As soon as the blue arrow appears - you can expect possible trend reversal from bearish to bullish. With a further Price Action confirmation, the first blue arrow can be used for opening a buy trade that would be holded until the red arrow will appear (or no arrow). Vice versa for short trades.

It is not recommended to open a trade at every candle / arrow. Each arrow shows if the current candle is a part of current bullish or bearish trend (or not anymore). This tool can be nicely used in a conjunction with the other indicators that you can download for free here.

 

In the indicator, it is possible to set "RSI_factor" variable. The default setting is 10. For trading long-term trends, higher setting is recommended (like 20). For trading short-term trends, lowever value is recommended (like 5).

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The latest RSI indicator version 1.66

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