Rsi Trend Catcher Signal

The RSI Trend Catcher Signal indicator for MT4 is an optimized trend-following indicator that identifies buy and sell signals based on the algorithms of the RSI values. It detects the beginning of an emerging trend, which enables traders to buy or sell an instrument early enough before the main move happens.

Features of the RSI Trend Catcher Signal Indicator for MT4

The indicator is built with a dynamic line that changes between red and lime, depicting the trend direction. The indicator’s line oscillates above and below level 50. It suggests the beginning of a bullish move when the lime-colored line crosses above level 50, while the potential beginning of a bearish sentiment is when the red line crosses below.

Therefore, traders might look for buying opportunities when the lime line crosses above level 50 from below, or sell when the red line crosses below level 50. However, using the indicator in synergy with price action/other technical indicators can increase trading efficiency. For instance, for high-probability buy setup/entry, traders can wait for the lime-colored line to cross above the level 50 and then wait for a bullish candlestick pattern (e.g., engulfing candlestick) before opening a buy position.

Furthermore, the indicator has an alert functionality to notify traders when the indicator identifies a potential buying or selling opportunity.

Benefits of Using the Indicator

• Enhances Trend Reversal Identification: The indicator automatically detects emerging trends and generates buy/sell signals. This enables traders to identify buy/sell trading opportunities with less hassle. Besides, the indicator’s signals are easy to decipher, which makes it an ideal tool for novice traders.
• Improves Trading Accuracy: The indicator can enhance trading accuracy, especially when used along with price action/other technical indicators.

Indicator Settings Description

The indicator comes with the following customizable settings:

BBPrd: The default value is 20.

SBPrd: The default value is 2.0.

SBPrd: The default value is 13.

SBATRPrd: The default value is 21.

SBFactor: The default value is 2.0

SBShift: The default value is 1.

RSIPeriod: Determines the period for RSI calculation.

BullLevel: Defines the level for bull.

BearLevel: Defines the level for bears.

AlertOn: Enables/Disables alert on buy/sell signal.