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Rsi Overbought Oversold

The RSI Overbought Oversold indicator displays arrow buy/sell signals on the chart. The indicator is easy to use, and can be a valuable tool in helping traders identify potential trading opportunities in the forex market.

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Description

The RSI Overbought Oversold indicator is a trend analysis oscillator that displays BUY or SELL signal arrows when the price is at the overbought/oversold zone of the Relative Strength Indicator (RSI). The GREEN and RED arrows are entry points to BUY/SELL a financial asset.

The RED arrow depicts that the RSI is at the overbought level, suggesting a possible trend reversal to the downside (sell signal). Similarly, the GREEN arrow indicates that the price is at the oversold region of the RSI, suggesting an eminent bullish move (buy signal).

Therefore, this MT4 indicator is one of the best indicators for overbought oversold level detection that helps forex traders identify trend reversal opportunities.  However, traders need to confirm the indicator’s signals with price action or any trend analysis tool before buying or selling in the market. Moreover, the RSI Overbought Oversold indicator is chart-friendly, which makes it convenient to use along with other forex indicators.

Features of the Indicator

The RSI Overbought Oversold Indicator oscillates between the 0 to 100 level. A financial asset is overbought when the RSI is above the 70 level, while an oversold asset is when the RSI is below the 30 level.

Furthermore, the indicator doesn’t display the RSI on the screen but paints a RED/GREEN signal arrow when the RSI oscillates to the designated overbought/oversold zone.

Benefits of the Indicator

  1. Trade Entries/Exits: The indicator’s arrows are clear-cut signals for BUY/SELL trade entries.
  2. Early Trend Reversal Detector: This indicator detects early trend reversal signals in the market, which helps traders anticipate a move before it happens.
  3. Trend Confirmation: The indicator is also a suitable tool that can be used as a confluence with other forex indicators to confirm the direction of the market.

Indicator Description Settings

The indicator comes with the following customizable settings:

Corner: This parameter has no noticeable impact on the indicator.

X_dst: Shifts the RSI BB feature along the upper axis of the chart.

Y_dst: Shifts the RSI BB feature along the lower axis of the chart.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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