Relative Strength Index (RSI) oscillator is a very popular indicator among traders. Here you will find find a free download of MT4 RSI Multi-Timeframe (MTF) indicator and a detailed explanation on how to use it in MetaTrader 4 to make it help your trading.
RSI oscillator is a momentum indicator.
Traders have been using the RSI for a very long time and even so, it is still very popular.
Being a momentum indicator, the RSI is useful to understand if a move is exhausting.
The RSI is the result of the comparison of the price over a specific period of time.
The value of the indicator fluctuates between 0 and 100.
As was mentioned before, the values of RSI are ranging between 0 and 100.
When studying this indicator you usually consider the following:
While these are common behaviors, the oscillator has also exceptions.
In fact, in case of a strong trend, the RSI can remain in overbought or oversold area for an extended period of time.
MetaTrader includes RSI oscillator indicator by default. The indicator is available in the Oscillators section.
Since there is no alert options, we created RSI with Alert for MT4 and MT5 — an enhanced version of the indicator so that you could receive notifications when the price is oversold or overbought.
When you do technical analysis, it is sometimes easy to forget to check the big picture.
Often, we focus on a specific chart and timeframe and we do not consider what is happening on a larger scale.
This can also happen when working with the relative strength index indicator.
We might be checking the value on an M30 chart and it looks oversold. However, checking the same on an H4 chart, it is perhaps in an overbought area.
To help with such situations, you can use RSI Multi-Timeframe (MTF) indicator for MetaTrader.
This indicator makes it easy to view the RSI oscillator in all selected timeframes.
A small table shows the value of the indicator and its recent trend for each timeframe in the same chart.
RSI Multi-Timeframe indicator for MetaTrader 4 can show you whether the relative strength index is currently in an overbought or oversold area in all of the chosen timeframes.
At the same time, the indicator can show you the line's trend if it is higher or lower than the previous one.
The indicator includes the following features:
You can download for free MT4 RSI Multi-Timeframe indicator with the link below and install it by following the provided instructions.
The installation is very easy to perform, so is the use.
Once you run the indicator, you can set RSI parameters, select timeframes, and configure alerts via its input parameters.
To install the MT4 RSI Multi-Timeframe indicator, please follow the instructions below:
For a more detailed instruction on how to perform the installation and a tutorial video please visit this page.
Even if the RSI oscillator is an old indicator, it still very popular today.
It is a momentum indicator that can help traders spot overbought and oversold situations and act accordingly.
RSI Multi-Timeframe indicator for MetaTrader allows you to see the status of the oscillator in all of the timeframes in your MT4 platform. This way, you can have a better understanding of the overall technical situation in the market you analyze.
You can open a trading account with any of the MT4 Forex brokers to freely use the indicator for MetaTrader 4 presented here.
If you would like to see other multi-timeframe indicators, you can read our guide on MTF indicators.