RSI Heatmap Indicator Download for MetaTrader4 - Free - [Trading Search] - MT4/MT5 Resources

The RSI Heatmap Indicator is one of the technical analysis tools for MetaTrader 4 that helps traders visually understand the relative strength status of various currency pairs in the form of a heatmap. This MetaTrader4 Currency Strength Indicator combines the concept of the Relative Strength Index (RSI) with a heat map to show trends and the strength of currencies relative to each other.

The RSI Heatmap indicator generates a heatmap based on the RSI value of each asset. Different colors on the map indicate overbought and oversold asset conditions: green indicates oversold conditions and buying opportunities, while red indicates overbought conditions and selling opportunities.

Indicator Table

Overview

The RSI Heatmap indicator can help determine trend direction and appropriate entry and exit points on different time frames, reducing trading risk. Using the color changes in the heat map, traders can identify reliable trends and potential reversal points with the MetaTrader4 indicator . It also allows for the simultaneous assessment of the relative strength status of an asset on multiple time frames.

Bullish signal conditions for the indicator (bullish settings)

The chart of the USD/JPY currency pair on the 5 minute time frame is shown below. In the heat map, the time frame (M15-M30-H1) changes from dark green to green, indicating oversold conditions and the beginning of a bullish trend in the short to medium term. Therefore, one can look for a trigger to enter a buy trade during these time frames.

Bearish signal conditions for the indicator (Bearish settings)

The chart of the EUR/USD currency pair on the 4 hour time frame is shown below. In the heat map, the time frame (H1-H4-D1) changes from red to dark red, indicating overbought conditions and the beginning of a bearish trend in the medium to long term. Therefore, one can look for a trigger to enter a sell trade during these time frames.

RSI Heatmap Indicator Settings

• Symbols to use: EURUSD, GBP/USD, USD/CHF, USDJPY, EURJPY, GBPJPY, CHFJPY, AUDJPY, NZDJPY
• Time frames to use: M5, M15, M30, H1, H4, D1, W1, MN
• RSI period: 14
• RSI price: based on closing price
• Strong up level: 60 represents a strong bullish trend
• Weak up level: 50 represents a weak bullish trend
• Weak down level: 50 represents a weak bearish trend
• Strong down level: 40 represents a strong bearish trend
• Bar to test: Calculate RSI based on the penultimate candle
• Power Color: Light Green represents a strong bullish trend
• Color for weak up: Green represents a weak bullish trend
• Colors without variation: Gray represents a neutral trend
• Weak Down Color: Dark red represents a weak bearish trend
• Color of Power Down: Red represents a strong bearish trend
• Button text color: Black
• Button border color: Black
• Button background color: Gray
• Corner for display: upper right corner of chart
• Indicator unique ID: RSI Heatmap 1

Summary

The RSI heatmap indicator is a valuable tool for identifying the strength of currency trends and can be used with trading strategies across a variety of currencies. Traders can use it to evaluate signals and gain additional confirmation to trade with more confidence.

In addition to the RSI Heatmap indicator, TradingFinder Forex Heatmap Tool is free for traders to use to identify the currency pairs with the largest increases and decreases.