Colorful RSI Indicator with Alerts (CRA) for MT4 Download – Free – [TFlab]

The Color RSI indicator with alerts is one of the MetaTrader 4 indicators based on the RSI (Relative Strength Index).

This tool functions like the regular RSI indicators but with one important difference: when the price reaches overbought (70) and oversold (30) levels, the color RSI indicator with alert changes color to red and green respectively and sends an alert to inform traders of the market condition.

Index table (CRA)

The specifications of the indicator are shown in the table below.

Indicators at a glance

The Color RSI indicator with alerts is a useful tool for traders who want to identify overbought and oversold areas on a price chart. By sounding an alert when the RSI reaches overbought or oversold levels, this indicator can help traders improve their analysis and make better decisions.

Overbought Zone

In the 30-minute (GBP/USD) chart, the colored RSI indicator with alert turns red after reaching the 70 level and sends a sell signal, notifying traders that price has entered the overbought zone.

Oversold Zone

In the 4-hour (USD/CHF) chart, the colored RSI indicator with alert turns green after reaching the 30 level and sends a buy signal, notifying traders that price has entered the oversold zone.

Indicator Settings

Alerts are provided below the RSI indicator set to color ;

• RSIPeriod: RSI Period
• Price Type: Type of Price
• overbought: Overbought Zone
• oversold: Oversold Zone
• show Arrows: Show Arrows
• alertsOn: Enable Alerts
• alerts Message: Alert Messages
• alerts Sound: Alert Sound
• alerts Email: Email Alerts

Conclusion

The Color RSI indicator with alerts is an advanced version of RSI that allows traders to identify overbought and oversold areas.

This oscillator in MetaTrader 4 changes color and sends alerts when price enters these areas to notify traders, helping them make more accurate decisions.