The Relative Strength Index (RSI) was developed by Wells Wilder to measure the speed and change of price movements of an instrument. RSI oscillates between zero and 100. It is most commonly used to indicate temporary overbought or oversold conditions in a market. Wilder considered RSI values over 70 overbought and values below 30 oversold, but these values can be adjusted to suit particular needs and markets. For instance, 80 could be used as overbought line in a strong uptrend and 20 as oversold line in a strong downtrend.
Easy RSI provides a comprehensive dashboard that allows you to view the RSI value of multiple instrument (currency pairs, indices and commodities) across 6 timeframes (M5, M15, M30, H1, H4, D1) at one glance.
Below are some key features of this indicator:
- An easy to read dashboard interface to give you a one glance view of the RSI values of multiple instrument across different timeframes,
- Allows configuration of the instrument/timeframes to be displayed on the dashboard,
- Allows configuration of oversold/overbought condition that best suit your personal trading strategy,
- Allows configuration of period used to determine the RSI,
- Support 3 types of alerts (on-screen prompt, email and push notification to your MT4 mobile app) when the overbought/oversold condition is hit.
Note: Please ensure that you have the MT4 client installed on your computer before making this purchase as this indicator can only work within the MT4 software.