Introduction to the RSI Divergence Alert Indicator
The RSI Divergence Alert Indicator is a custom variation of the Relative Strength Index indicator (RSI) that provides alerts when buy/sell signals occur. As the name suggests, these signals are based on the divergences between price and RSI indicator.
The RSI Divergence Alert 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 to set up the RSI Divergence Alert indicator in MetaTrader (MT4)?
Download the RSI Divergence Alert.rar archive at the bottom of this post, unpack it, then copy and paste the RSI Divergence Alert.ex4 or RSI Divergence Alert.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 RSI Divergence Alert 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. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 RSI Divergence Alert Indicator
To download the RSI Divergence Alert Indicator for Metatrader 4 (MT4) for free just click the button below: