RSI Trend Catcher Oscillator Download in MetaTrader 5 - Free - [TFlab]

The RSI Trend Catching Indicator An advanced version of the Relative Strength Index (RSI) indicator in MetaTrader 5, which adds the ability to indicate changes in trend direction and display the curves in different colors.

In this MT5 oscillator above 50% indicates an uptrend, while below 50% indicates a downtrend.

Indicator specification table

The table includes the characteristics and specifications of this indicator:

RSI Trend Catcher Indicator Overview

This indicator uses three tools simultaneously: Bollinger Bands , Moving Averages , and RSI . Red dots on the oscillator indicate a potential downtrend , especially if they appear after the yellow dots, indicating Bollinger Bands compression and readiness for a new trend . Similarly, green dots suggest a possible uptrend .

RSI trend catchers in bullish situations

According to the 1-hour price chart of the NZD/USD currency pair, when two or more yellow points appear and the oscillator shows more than two green points, and the RSI oscillates above 50%, an upward trend can be expected.

RSI trend catchers in bearish situations

According to the cryptocurrency 30-minute price chart of Binance Coin (BNB) , a downtrend can be expected when two or more yellow points appear and the oscillator shows more than two red points and the RSI oscillates below 50%.

Indicator Settings

This section provides all parameters of the indicator to enhance performance:

• Bollinger Bands Period: Set to 20;
• Bollinger Bands Deviation: Set to 2.0;
• SB Period: The moving average period is set to 13;
• SB ATR Period: ATR period is set to 21;
• SB Factor: ATR factor is set to 2.0;
• SB Shift: Moving average shift is set to 1;
• RSI Period: RSI period is set to 21;
• RSI Applied Price: The RSI applied price is set to the closing price of the candle;
• Bull Level: RSI bull level is set to 50;
• Bear Level: RSI bear level is set to 50;
• Alert On: Alerts enabled.

Conclusion

The RSI Trend Catcher Oscillator is an accurate and useful indicator for filtering market conditions using three tools simultaneously.

It is great for detecting trends and publishing signals for changes in trend direction. Also, this trading tool is part of the category Signals and Predictions .