RSI Heatmap Indicator for MetaTrader5 – Free Download – [Trading Search] – MT4/MT5 Resources

The RSI Heatmap Indicator is a MetaTrader 5 indicator that uses the Relative Strength Index (RSI) to calculate the strength of various currencies and their overbought and oversold zones .

It displays these areas as a heatmap panel in the lower left corner of the chart. This heat map gives an overall idea of ​​the price trend direction on different time frames. It shows bullish conditions (buy transactions) in green and bearish conditions (sell transactions) in red.

Indicator Table

Overview

The RSI Heatmap Indicator is able to confirm and correctly identify various trend direction trading strategies . This MetaTrader5 Currency Strength Indicator can show the direction and strength of the future trend of a currency pair by identifying overbought and oversold areas on different time frames. Strong and weak bullish trends are shown in light green and green , respectively, while strong and weak bearish trends are shown in red and dark red.

Bullish signal conditions for the indicator (bullish settings)

The chart of the CHF/JPY currency pair on the 15 minute time frame is shown below. In the heat map, the time range from 5 minutes to 4 hours is shown in green , indicating oversold conditions and a bullish short to medium term trend. Therefore, one can look for a trigger to enter a buy trade during these time frames.

Bearish signal conditions for the indicator (Bearish settings)

In the image below, the chart GBP/USD shows the currency pair on the 4-hour time frame. In the heat map, the timeframe from 5 minutes to daily is shown in red , indicating overbought conditions and the start of a bearish medium to long-term trend. 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

Given the importance of identifying trend strength in daily trading, using the RSI heatmap indicator can confirm the correctness of trend identification in various strategies. This indicator can check the strength of a currency pair’s trend on different time frames and help traders adjust their trades based on the direction of the trend.