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The Color RSI With Alert indicator is one of the MetaTrader 4 (MT4) indicators based on the RSI (Relative Strength Index).
This tool functions like the regular RSI but with an important difference: when the price reaches the overbought (70) and oversold (30) levels, the Color RSI With Alert indicator changes color to red and green, respectively, and sends an alert to notify traders of the market conditions.
Indicator Table (CRA)
The specifications of the indicator are provided in the table below:
Category | Signal and Forecast - Oscillator - Trading Assist |
Platform | Meta Trader 4 |
Skill Level | Beginner |
Type of Indicator | Leading - Strength - Reversal |
Time frame | Multi time frame |
Trading Style | Scalping - Day Trading - Intraday Trading |
Trading Markets | Forex - Commodities - Indices - Stocks |
Overbought Zone
In the 30-minute (GBP/USD) chart, the Color RSI Indicator with Alert turns red upon reaching the 70 level and sends a sell signal, informing the trader that the price has entered the overbought zone.
Oversold Zone
In the 4-hour (USD/CHF) chart, the Color RSI Indicator with Alert turns green upon reaching the 30 level and sends a buy signal, informing the trader that the price has entered the oversold zone.
Indicator Settings
The settings for the Colored RSI Indicator with alerts are provided below;
- RSIPeriod: RSI Period
- Price Type: Type of Price
- overbought: Overbought Zone
- oversold: Oversold Zone
- show Arrows: Show Arrows
- alertsOn: Enable Alerts
- alerts Message: Alert Messages
- alerts Sound: Alert Sound
- alerts Email: Email Alerts
Conclusion
The Color RSI with Alert indicator is an advanced version of the RSI that allows traders to identify overbought and oversold areas.
This oscillator in MetaTrader 4 changes color and sends alerts to notify traders when the price enters these regions, helping them make more precise decisions.
What is the Color RSI With Alert indicator?
Color RSI With Alert is an indicator for trading platforms that works with the Relative Strength Index (RSI). It helps traders identify potential entry and exit points. Additionally, it makes analysis and decision-making easier by changing the color of the RSI and generating alerts.
What features does the Color RSI With Alert indicator have?
- Color Change for RSI: Changes RSI color for easier identification of overbought and oversold conditions.
- Alert System: Generates audio alerts or notifications when RSI reaches specific levels.