RSI Levels Indicator Download for MetaTrader 4 – Free | Forex Indicator Download – MT4/MT5 Resource

The RSI Levels Indicator is one of the MetaTrader 4 Levels and Indicators tool that performs calculations of the RSI using the following algorithm.

This indicator enables traders to identify price reaction levels and conduct more in-depth technical analysis on the chart. This feature allows for a better understanding of market behavior and enhances trading strategies .

RSI level indicator table

Here are the general specifications of the RSI level indicator :

Uptrend

In the EUR/USD 15-minute chart, the RSI level indicator highlights potential price reaction zones . After the central level breaks upward, the chart shows a bullish trend reversal . Here, price retraces back to the central level (a pullback ) before recovering uptrend .

Traders can enter buy positions upon price retracement and use the drawn levels as take-profit or stop-loss points to improve trading accuracy.

Downtrend

In the USD/CAD 5-minute chart, price broke above the central level of the RSI horizontal indicator pointing downwards. After the breakout , the price retested the central level before continuing its upward trend . Traders can use these levels as potential reaction areas or support/resistance areas.

In this case, traders can enter sell positions and take advantage of downward momentum , a strategy reinforced by these levels.

RSI Levels Indicator Settings

Here are the relevant settings for the RSI level indicator :

• Level1: Adjust the cycle of level 1 (the closest level);
• Level2: Adjust the cycle of level 2;
• Level3: Adjust the cycle of level 3 (the furthest level);
• Movement of the last candle of the update line: shift cycle adjustment;
• Number of candles used to calculate RSI levels: number of candles averaged based on the selected time frame;
• The time range for calculating RSI: The time range for RSI calculation;
• Update line time range: Update the line schedule;
• Main Line: Central level color adjustment;
• Lines: Level color adjustment;
• Number of previous candles: displays the calculation and period of the line according to the selected time frame;
• RSI_Period: RSI period adjustment;
• Price: price calculation type.

Conclusion

The RSI Levels indicator is one of the MetaTrader 4 volume indicators that is very useful for traders to identify key levels in technical analysis .

The indicator plots seven levels , including a central level , three upper levels , and three lower levels , based on RSI calculations. It highlights potential price reaction zones , allowing traders to conduct more precise market analysis and identify key points.