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Advanced RSI

The Advanced RSI indicator for MT4 displays multiple RSI readings of different timeframes on a single chart. With its easy-to-read visual display and its ability to identify potential entry and exit points, the Advanced MTF RSI Indicator is a must-have for any trader looking to make the most of their trading.

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Description

The Advanced RSI indicator for MT4 is one of the most advanced versions of the traditional RSI indicator. Unlike the regular RSI, which only displays trend information for a single time frame, the Advanced RSI allows traders to view the RSI reading across multiple timeframes simultaneously.

Therefore, this RSI version displays the RSI reading of multiple timeframes on a single price chart. Besides, it is designed to simultaneously display the RSI reading of multiple timeframes with different colors for easy readability and identification. Thus, it reduces the stress of switching between different timeframes to assess the RSI reading.

Features of the Advanced RSI Indicator for MT4

The indicator is built with different colors of lines that oscillate below the main chart. Each line represents the RSI reading for a particular time frame. For example, the white, green, and yellow lines represent the RSI reading for the H1, H4, and D1 timeframes, respectively.

The indicator primarily helps traders identify the trend condition of an instrument. It shows when the RSI is swinging to the upside or downside, which suggests bullish and bearish strength, respectively.  So, for instance, if the green line moves continually to the upside, it implies that the RSI is bullish on the H4 timeframe, which suggests a potential up trend.

Benefits of Using the Indicator

  • Improves Accuracy: The indicator helps traders to identify and compare the market trend conditions across different timeframes, especially from the higher timeframe perspective. This helps to reduce the likelihood of false signals.
  • Time Efficiency: The indicator helps traders view the RSI reading of multiple time frames at a glance without switching between individual timeframes. This saves time and enhances quick decision-making.

Indicator Settings Description

The indicator comes with the following customizable settings:

RSIPeriod: Determines the period for RSI calculation.

RSIPrice: Defines the price for RSI calculation.

ShowRSI_M1 to M10080: Enables/Disables the display of RSI reading on the M1 through the W1 timeframes.

M1 to M10080_Color: Determines the individual colors to display the RSI reading on the M1 through the W1 timeframes.

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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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