RSI is a technical momentum indicator which compares recent gains to recent losses.
RSI attempts to determine overbought and oversold conditions of an asset.
It is calculated using the following formula: RSI = 100 - 100/(1 + RS)
RS is the average of the last x days up closes / Average of the last days down closes.
The chart below shows how the RSI for a forex pair ranges from 0 to 100. If the RSI value is greater than 70 the asset in question is considered overbought and if the RSI is less than 30 it is considered to be oversold.
A trader using RSI should be aware that large price changes will affect the RSI by creating false buy or sell signals, therefore RSI should be used as a complimentary tool rather than in isolation.
The FX Algotrader RSI Crossover Alert Indicator for Metatrader 4 is a hybrid indicator which provides a fully configurable RSI alert system with the added benefit of a Java control interface for very quick parameter changes. The indicator is ideal for short or medium term traders wishing to receive alert notifications when the RSI readings are overbought or oversold
The indicator has trader configurable input parameters which provide the following functionality:-
Email Alert Option
If the 'Email_Alerts' parameter is set to 'true' the system will send an email alert to the email address specified in the MT4 email options screen.
Setting Email Alerts in the interface
Example Alert Email
For trader who use the mobile MetaTrader platform which can receive push alerts. The RSI Alert Plus JFX tool allows a trader to push alert notifications to their mobile device running the MT4 trading platform
Setting push notifications in the interface
JavaFX Alert Module with Configurable Alert sounds
The JFX Series products have all use a JavaFX alerts interface which supplies a richer alert experience compared to the old school MT4 pop up alerts. The trader can select any wav file held on the local computer. The JFX versions do not require the sound file to be stored in the MT4 sounds folder. They can reside anywhere on the machine and can also be of longer duration without effecting system performance. Traditional MT4 indicators will clip any sounds played as the MT4 program thread cannot be slowed or paused while a sound file is being played.
Java based Email Alert Module
Selecting the Alert Sound
Overview of the Alert Options
Total Control over all RSI related functions
How the interface maps to the RSI Indicator in MetaTrader MT4.
Convergent/Divergent Crossover Modes
Selecting the Crossover Mode
In the screenshots below we can see how the trader can control the exact nature of the crossover alert
|Scenario 1: Using 'Touch' Crossover Type and 'Divergent' Crossover Mode, the system would have produced an alert/signal at point A.
|Scenario 2: Using 'Touch' Crossover Type and 'Convergent' Crossover Mode, the system would have produced an alert/signal at point B
|Scenario 3: Using 'Printed' Crossover Type and 'Convergent' Crossover_Mode, the system would have produced an alert/signal at point C
Crossover Mode Scenarios
It's important to realise oscillators can remain in overbought/oversold territory for some time.
Therefore, having the ability to define the exact nature of the crossover you are looking to monitor can make a big difference to the quality of the entry.
JavaFX Control Interface for RSI Alerts Plus Indicator
JavaFX Alerts Module
JavaFX Interface running on top of MetaTrader MT4
Line Style and Colour variations
|Ultra fast config changes, control of multiple charts from the JavaFX interface, the ability to play long duration wav files within indicators without clipping, sophisticated alert module which can be sorted, customized and inspected at any time|
|Easy Installation - no MT4 license management and no Windows UAC issues|
|Faster load time compared to standard FX AlgoTrader MT4 specific products|
|Email alerts and push notifications (where specified) - reduces screentime and allow the market to come to you!|
|Profile options to allow traders to deploy their own custom indicator settings within a couple of mouse clicks|
|Auto chart sensing - click on a chart and the interface will load the configuration automatically!|