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RMI Indicator

The RMI indicator for MT4 is the best Forex indicator that detects overbought and oversold zones. The indicator is free to download and use, making it a popular choice among Forex traders.

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Description

The Relative Momentum Index (RMI) indicator for MT4 is another variation of the regular RSI indicator. Unlike the RSI which compares the speed and change of price movement to measure momentum, the RMI measures the momentum of price movement using either the open, close, high, or low of the price over a specified period.

Therefore, the RMI indicator identifies the overbought and oversold market conditions better than the RSI. The indicator is recommended for scalpers, day/intraday, and swing traders for identifying optimal zones for trend reversal trading opportunities.

Features of the RMI Indicator for MT4

As noted above, the RMI uses the open, close, high, or low of the price to calculate the average price changes over a period. So, traders can set their preferred price (e.g., closing price) for the indicator. Besides, the indicator’s periods are also customizable.

Furthermore, the indicator has horizontal lines at levels 70 and 30, representing overbought and oversold zones, respectively.

Benefits of Using the Indicator

  • Enhances Signal Accuracy: The RMI indicator provides accurate overbought/oversold zones of the price, even in volatile markets compared to the RSI. This helps traders identify potential trend reversal trading opportunities when the price is at overbought or oversold levels.
  • Reduces Whipsaws: The RMI indicator is notable for producing fewer signals compared to the regular RSI. Thus, the RMI delivers better trend reversal signals even in trending market conditions. However, this isn’t true for the RSI, which tends to give premature reversal signals when the market is in a strong bullish or bearish trend.

Indicator Settings Description

The indicator comes with the following customizable settings:

RMIPeriod: Determines the period of the RMI indicator.

MomPeriod:  Determines the period to calculate the momentum component.

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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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