RSI Trend Catcher Oscillator for MetaTrader 4 Download - Free - [TFlab]

The RSI Trend Catcher Indicator in MetaTrader 4 is one of the MT4 indicators that functions similarly to the RSI. This oscillator identifies overbought and oversold areas and provides suitable levels for buying or Selling.

The RSI Trend Catcher consists of three colors: a downtrend with red, an uptrend with green, and a neutral trend with yellow. Bollinger Bands have been used in the design of this indicator to generate signals.

RSI Trend Catcher Indicator Specifications Table

The information related to the indicator is accurately presented in this table:

Bullish Trend Conditions

The price chart of the EUR/USD currency pair in a 15-minute time frame shows how the RSI Trend Catcher Indicator performs under bullish conditions.

According to the image, after two or more yellow dots, the formation of more than two green dots and the oscillation of the RSI above 50% indicate the formation of an uptrend.

Bearish Trend Conditions

The price chart of the USD/CAD currency pair in a 1-hour time frame shows how the RSI Trend Catcher Indicator performs under bearish conditions.

According to the image, after two or more yellow dots, the formation of more than two red dots and the oscillation of the RSI below 50% indicates a downtrend formation.

Settings

This section includes options for modifying the display parameters of the tool:

• Bollinger Band Period: Set to 20;
• Bollinger Band Deviation: Set to 2.0;
• SB_period: Moving Average period set to 13;
• SB ATR period: ATR period set to 21;
• SB_factor: ATR factor set to 2.0;
• SB_shift: Moving Average shift set to 1;
• RSI period: RSI period set to 21;
• Close price bull level: RSI Bull Level set to 50;
• Bear level: RSI Bear Level set to 50;
• Alert_on: Alert setting.

Conclusion

The RSI Trend Catcher Indicator operates similarly to the regular RSI, with the added advantage of easily detecting trends and generating signals.

This indicator is an excellent tool for detecting trend continuation or reversal and can be used in all time frames.