Introduction to the RSI HTF Indicator
The RSI HTF indicator is another variation of the Relative Strength Indicator. The main difference between standard RSI and this one is the way it shows signals. The RSI HTF Indicator displays dots instead of a continuous oscillator line.
There are four colors of RSI HTF dots and each color has its own meaning.
A green dot (occurs only above 50 level) means that it has higher values than a violet one. A pink dot (occurs only below 50 level) means that it has higher values than a brown one.
By connecting these dots of the RSI HTF indicator you can draw divergences, trendlines, etc.
The indicator is displayed in a separate window placed just below the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default indicator 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 HTF indicator in MT5?
Copy and paste the rsi-htf-indicator.mq5 or rsi-htf-indicator.ex5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The RSI HTF indicator is well worth adding to your trading collection but 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.
RSI HTF Indicator Free Download
To download the RSI HTF Indicator for Metatrader 5 (MT5) for free just click the button below: