RSI Trend Catcher Oscillator in MetaTrader 5 Download - Free - [TFlab]

The RSI Trend Catcher Indicator in MetaTrader 5 is an advanced version of the Relative Strength Index (RSI) indicator, with the added ability to signal trend direction changes and display curves in different colors.

Oscillations above 50% indicate an uptrend, while oscillations below 50% suggest a downtrend.

Indicator Specifications Table

This table includes the features and specifications of the indicator:

RSI Trend Catcher in Bullish Conditions

According to the 1-hour price chart of the NZD/USD currency pair, an uptrend can be expected when two or more yellow dots appear and the oscillator shows more than two green dots, combined with RSI oscillation above 50%.

RSI Trend Catcher in Bearish Conditions

According to the 30-minute price chart of the cryptocurrency Binance Coin (BNB), a downtrend can be expected when two or more yellow dots appear and the oscillator shows more than two red dots, combined with RSI oscillation below 50%.

Indicator Settings

All parameters of the indicator are provided in this section to enhance performance:

• 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;
• RSI Applied Price: RSI applied price is set to candle close;
• Bull Level: RSI Bull Level set to 50;
• Bear Level: RSI Bear Level set to 50;
• Alert On: Alerts enabled.

Conclusion

The RSI Trend Catcher Oscillator is a precise and practical indicator that filters market conditions using three tools simultaneously.

It is ideal for detecting trends and issuing signals for trend direction changes.