First RSI Level Indicator for MetaTrader 5 Download - Free - [TradingFinder]

The First RSI Level Indicator is one of the signal and forecasting indicators for MetaTrader 5. It is an advanced and enhanced version of the RSI indicator, displaying buy signals in blue and sell signals in red.

Additionally, it draws support and resistance levels, highlighting key areas for traders.

First RSI Level Indicator Table

The table below outlines the general specifications of the First RSI Level Indicator:

Category	Signal and Forecasting - Support and Resistance - Trading Tool
Platform	MetaTrader 5
Skill Level	Intermediate
Indicator Type	Reversal - Lagging - Strength
Timeframe	Multi-Timeframe
Trading Style	Scalping - Day Trading - Intraday Trading
Trading Markets	Forex - Stocks - Indices

Bullish Trend Signal

In the 30-minute Gold chart, the First RSI Level Indicator has identified a trading opportunity and displayed a buy signal on the chart.

Traders who are informed about the trading opportunity with a delay can enter a buy position during the price pullback to the drawn support level using the indicator.

Bearish Trend Signal

In the 5-minute USD/JPY chart, the First RSI Level Indicator has issued a bearish trend signal and displayed a sell trading opportunity. Upon generating the signal, the indicator sends an alert to the trader to inform them of the trading opportunity.

Additionally, traders can use the drawn level as a resistance level and re-enter during the price pullback to this level.

First RSI Level Indicator Settings

The settings for the First RSI Level Indicator are as follows:

• RSI Period: Set the period for the RSI indicator
• RSI Maximum: Set the overbought level for the RSI
• RSI Minimum: Set the oversold level for the RSI
• Alerts ON: Enable or disable alerts when signals are generated
• Shift (0: Current Bar, 1: First Bar): Set calculation based on the current candle (0) or the closing candle (1)
• Arrow Width: Set the size of the signal arrows (1-5)
• Buy Color: Set the color for buy signals
• Sell Color: Set the color for sell signals

Coclusion

The First RSI Level Indicator is one of the support and resistance indicators in MetaTrader 5. It is useful for traders looking to identify entry points based on the RSI indicator.

By drawing support levels in blue and resistance levels in red, it aids in specialized decision-making.

Traders can use this indicator to identify buy or sell positions and stay informed about trading opportunities through trading signal alerts.