RSI Trend Catcher Oscillator Download for MetaTrader 4 - Free - [TFlab]

The RSI Trend Capture Indicator is one of the MT4 indicators in MetaTrader 4 and its function is similar to the RSI. This trading tool identifies overbought and oversold areas and provides appropriate levels for buying or selling .

The RSI Trend Catcher consists of three colors: downtrend with red , an uptrend with green , and a neutral trend with yellow . Bollinger Bands are used in the design of this indicator to generate signals.

RSI Trend Catcher Indicator Specification Sheet

The information related to this indicator is accurately presented in this table:

RSI Trend Catcher Indicator Overview

The RSI Trend Capture Indicator shows an uptrend with green lines and a downtrend with red lines.

When more than two yellow dots form, it indicates compression buying and selling ; if after compression, the oscillator shows two or more green dots and the curve is green, it means uptrend , if red dots appear and the curve is red, it means downtrend .

bullish trend conditions

The price chart of the EUR/USD currency pair on the 15 minute time frame shows the RSI trend catching indicator performing during bullish conditions.

According to the image, after two or more yellow dots , the formation of more than two green dots and the RSI oscillation above 50% indicate the formation of an uptrend .

Bearish trend conditions

The price chart of the USD/CAD currency pair on the 1 hour time frame shows how the RSI trend catching indicator performs during bearish conditions.

According to the image, oscillations after two or more yellow dots , the formation of more than two red dots, and an RSI below 50% indicate the formation of a downtrend.

Settings

This section includes options for modifying the tool's display parameters:

• Bollinger Bands Period: Set to 20 ;
• Bollinger Bands Deviation: Set to 2.0 ;
• SB_period: moving average period is set to 13 ;
• SB ATR period: ATR period set to 21 ;
• SB_factor: ATR factor set to 2.0 ;
• SB_shift: Moving average shift is set to 1 ;
• RSI period: RSI period set to 21 ;
• Closing Bullish Level: RSI Bullish Level is set at 50 ;
• Bear level: RSI bear level is set to 50 ;
• Alert_on: Alert setting.

Conclusion

The RSI Trend Capture Indicator operates similarly to the regular RSI , with the added advantage of easily detecting trends and generating signals.

This MetaTrader 4 signals and prediction indicator is an excellent trend continuation detector or reversal and can be used on all time frames for financial markets , including cryptocurrencies , forex , commodities , and stocks .