Introduction to the Advanced MTF RSI Indicator
The Advanced MTF RSI Indicator provides the oversold/overbought levels of several different time frames by using only one chart. A trader can use it for confirmation of short-term trades by seeing higher time frame RSI levels. In simple words, you will have Relative Strenght Index values of different time frames in a single chart to make your technical analysis simpler.
The Advanced MTF RSI Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How does it work? How to apply in trading?
Advanced MTF RSI Indicator has the built-in Automatic Timeframe Recognition – a function that ensures you don’t have to struggle with the reading of unnecessary information in the MTF RSI indicator window. When you change the timeframe of your chart, the indicator will automatically adjust the displayed RSI values, and values from lower timeframes than your current chart won’t be displayed and calculated anymore therefore the program is using less computing resources. Being the most popular indicator, the RSI levels are extremely important in every trading situation. The Multi Timeframe version of the RSI Indicator provides you with leading trading signals that are easy to read.
How to set up the Advanced MTF RSI indicator in MT4?
Download the Advanced MTF RSI.rar archive at the bottom of this post, unpack it, then copy and paste the Advanced MTF RSI.ex4 or Advanced MTF RSI.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Advanced MTF RSI indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free Forex MT4 Advanced MTF RSI Indicator
To download the Advanced MTF RSI Indicator for Metatrader 4 (MT4) for free just click the button below: