Smoothed Relative Strength Index (RSI) indicator for MetaTrader 5 Download - Free

The Smoothed Relative Strength Index (Smoothed RSI) indicator is a practical and advanced tool for traders identifying overbought and oversold zones in RSI. Developed for the MetaTrader 5 platform, this indicator changes color to orange in the overbought zone and green in the oversold zone. It also sends alerts to notify traders when the oscillator enters these zones.

By utilizing a smoothed moving average, this indicator reduces the extreme fluctuations and noise of the RSI, increasing analysis accuracy and helping traders make better trading decisions.

RSI Indicator Table

Oversold Zone in Oscillator

The Smoothed RSI oscillator displays the oversold zone in the USD/CAD 1-hour chart. This indicator changes color and alerts the trader that the price has entered this zone. The smoothed moving average in this indicator eliminates excess RSI fluctuations, enabling the trader to perform a more precise and better analysis.

Overbought Zone in Oscillator

In the ADA/CAD 1-hour chart, the Smoothed RSI oscillator reaches the overbought zone, changing to orange and sending an alert to inform the trader of this threshold. Traders may use this signal to enter or exit positions as the oscillator enters this zone.

Smoothed RSI Indicator Settings

Display Settings

• Chart Theme: Select a custom theme for the indicator;

Indicator Settings

• RSI Period: Set the RSI period;
• Applied Price: Select the calculation type;
• Overbought: Set overbought level;
• Oversold: Set oversold level;
• Smoothing ON: Toggle RSI smoothing on/off;
• Alerts ON: Toggle alerts on/off;
• Alerts on Zone Enter: Toggle alert when entering overbought/oversold zones;
• Alerts on Zone Exit: Toggle alert when exiting overbought/oversold zones;
• Alerts on Open Bar: Toggle alert on the close of the price when exiting overbought/oversold zones;
• Alert Message ON: Toggle message alerts on/off;
• Alert Sound ON: Toggle sound alerts on/off;
• Alert Email ON: Toggle email alerts on/off.

Conclusion

The Smoothed RSI Oscillator is an advanced indicator that helps traders identify overbought and oversold zones. When the oscillator enters the oversold zone, it turns green; when it enters the overbought zone, it turns orange.

Additionally, it sends alerts to inform the trader of entry or exit from these zones. Using a unique algorithm smooths out the usual RSI fluctuations, providing smoother and more precise movements that simplify analysis and decision-making for traders.