First RSI Level Indicator Download for MetaTrader 4 - Free - [TFlab] - MT4/MT5 Resource

The first RSI Levels indicator is one of the signals and prediction indicators for MetaTrader 4 , based on the design of the RSI indicator. This indicator shows buy signals in blue and sell signals in red .

Additionally, the First RSI Level is an advanced version of the RSI indicator that not only generates trading signals but also identifies support and resistance levels .

The first RSI level indicator table

The table below outlines the general specifications of the first RSI level indicator.

Send buy signal from indicator

In the 30-minute GBP/USD chart , the first RSI level indicator has issued a buy signal . Traders can use this signal to enter a buy position .

Additionally, the drawn support level can serve as a re-entry point or a support level price, enabling traders to perform more specialized analysis .

Indicator sell signal

In the 1 hour EUR/USD chart , the first RSI level indicator has issued two sell signals . Traders can use these signals to enter a sell position or take advantage of the drawn resistance level .

After the downward trend begins, price retests resistance levels and starts to decline again emphasizing the importance of these levels in Trading tools .

First RSI Level Indicator Settings

Set as the first RSI level indicator are as follows:

• RSI Period: Set the period of the RSI indicator
• RSI Maximum: Set the RSI overbought level
• RSI Minimum: Sets the oversold level of RSI
• Alerts ON: Enable or disable alerts when a signal is generated
• Shift (0: current bar, 1: first bar): Set calculation based on current candle (0) or closing candle (1)
• Arrow Width: Set the size of the signal arrow (1-5)
• Buy Color: Set the color of the buy signal
• Sell ​​Color: Set the color of the sell signal

Coclusion

The first RSI levels indicator is one of the support and resistance indicator in MetaTrader 4. It uses the RSI indicator to perform calculations and generate buy and sell signals .

Additionally, it plots support and resistance levels , highlighting key areas for traders. It helps traders identify trading opportunities by sending alerts when signals are generated.