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The RSI Overbought Oversold Indicator have been developed to display overbought and oversold areas using colored arrows.
The points highlighted by this indicator are considered as potential trend reversal zones; therefore, by taking into account the main market trend, these alerts can be used as trading signals.
Specifications Table of RSI Indicator and Overbought/Oversold Zones
The specifications of the RSI Indicator and Overbought/Oversold Zones are as follows.
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Indicator Categories:
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Currency Strength MT4 Indicators
Trading Assist MT4 Indicators
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Platforms:
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MetaTrader 4 Indicators
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Trading Skills:
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Elementary
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Indicator Types:
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Overbought and Oversold MT4 Indicators
Reversal MT4 Indicators
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Timeframe:
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Multi-Timeframe MT4 Indicators
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Trading Style:
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Day Trading MT4 Indicators
Scalper MT4 Indicators
Swing Trading MT4 Indicators
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Trading Instruments:
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Stock Market MT4 Indicators
Cryptocurrency MT4 Indicators
Forex MT4 Indicators
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RSI Indicator and Overbought/Oversold Zones at a Glance
The RSI Overbought Oversold Indicator identify overbought and oversold conditions using arrow markers.
This tool displays oversold zones with a blue arrow and, in contrast, shows overbought zones with a red arrow.
Bullish Trend Conditions
According to the EUR/USD chart on the 1-hour timeframe, the indicator identifies and displays two oversold areas.
Considering the bullish market trend, these signals can be used as potential buy opportunities.
Bearish Trend Conditions
According to the USD/CHF chart on the 30-minute timeframe, the indicator identified an overbought area with a red arrow.
RSI Overbought Oversold Indicator Settings
The settings of the RSI Overbought Oversold Indicator are as follows:
- RSIPeriod: Calculation period of the Relative Strength Index
- RSI_OB: Set overbought level
- RSI_OS: Set oversold level
- Arrow_Size: Signal arrow size
- Move_Arrow: Distance of arrows from candles
- CountBars: Number of candles analyzed
- ALERT: Enable alert
- EMAIL: Email alert
- NOTIFICATION: Enable notification
- MESSAGE_TIMEOUT: Time interval between alerts
- MESSAGE_SUBJECT: Alert titles
Conclusion
The RSI Overbought Oversold Indicator display overbought and oversold areas using the Relative Strength Index (RSI).
After identification, the tool marks these areas on the chart with arrow markers. Traders can use these signals as buy and sell opportunities by considering the overall market condition.
RSI Overbought Oversold Indicator MT4 PDF
RSI Overbought Oversold Indicator MT4 PDF
Click to download RSI Overbought Oversold Indicator MT4 PDF
Is this indicator usable only in the Forex market?
No, the RSI Overbought Oversold Indicator can be applied and used in all markets.
What does the appearance of a blue arrow mean?
A blue arrow indicates an oversold zone and is considered a buy signal.