Introduction to the RSX RSI Bar Chart Indicator
The RSX RSI Bar Chart Indicator displays custom bars calculated based on the Relative Strenght Index and the RSX indicator. Pay attention to the 20 and 80 levels, which are respectively oversold and overbought zones. When its bars falls below 20 level, the price will make a high-probability reversal. Similarly, the bars rises above 20 level, you can expect a downfall.
The RSX RSI Bar Chart 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 RSX RSI Bar Chart indicator in MT4?
Download the RSX RSI Bar Chart.rar archive at the bottom of this post, unpack it, then copy and paste the RSX RSI Bar Chart.ex4 or RSX RSI Bar Chart.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 RSX RSI Bar Chart 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 RSX RSI Bar Chart Indicator
To download the RSX RSI Bar Chart for Metatrader 4 (MT4) for free just click the button below: