Multi-Timeframe RSI (Multi-Timeframe RSI) | Foreign Exchange EA Download- MT4/MT5 Resources
Hi everyone, I'm pretty new to posting here but I've been lurking and learning for a while. I put together this simple multi-RSI template to easily visualize what is happening across a currency pair. I don't believe the market has a timetable.
This RSI "system" is a work in progress. I won't take any credit for this because I'm sure it's been done before. I take ideas from other people and try to incorporate them into my style.
The template I used has 5M, 15M, 30M, 1H and 4H RSI, layered on top of each other in different colors. I thought I should give it a catchy fire name since it kind of resembles a flickering flame, but whatever. Ha ha.
Red-5M
Orange-15M
Yellow-30M
Green - 1H
Blue-4H
You may notice that there are Bollinger Bands on the chart as well, but I don't really include them too much. They are just ideas that provide more support and resistance.
I tend to wait for integers ending in 00 or 50 to trade. I wait for most or all of the RSI to be oversold (below 30, more focused on shorter time frames). When 1 or 2 of the shorter time frames start to move above 30 again, I will go long (obviously the opposite of short).
I already know very clearly about taking profit. I would most likely trail my stop behind the nearest support. Lot size depends on risk, as stop losses will vary. I might take profits at major resistance levels.
Any ideas and modifications are welcome. We are all in this together, let me know what you think!
EDIT: Forgot to mention, RSI only shows past results on the same or larger time frame. I use the 5M chart and try to catch 30-50 pips.
Currently long USD/CAD.
EDIT: Stopped at breakeven point. I'm very positive on breakeven because I feel capital preservation comes first. I'm willing to accept more breakeven trades and some profits, rather than more profits and losses, resulting in losses.
This RSI "system" is a work in progress. I won't take any credit for this because I'm sure it's been done before. I take ideas from other people and try to incorporate them into my style.
The template I used has 5M, 15M, 30M, 1H and 4H RSI, layered on top of each other in different colors. I thought I should give it a catchy fire name since it kind of resembles a flickering flame, but whatever. Ha ha.
Red-5M
Orange-15M
Yellow-30M
Green - 1H
Blue-4H
You may notice that there are Bollinger Bands on the chart as well, but I don't really include them too much. They are just ideas that provide more support and resistance.
I tend to wait for integers ending in 00 or 50 to trade. I wait for most or all of the RSI to be oversold (below 30, more focused on shorter time frames). When 1 or 2 of the shorter time frames start to move above 30 again, I will go long (obviously the opposite of short).
I already know very clearly about taking profit. I would most likely trail my stop behind the nearest support. Lot size depends on risk, as stop losses will vary. I might take profits at major resistance levels.
Any ideas and modifications are welcome. We are all in this together, let me know what you think!
EDIT: Forgot to mention, RSI only shows past results on the same or larger time frame. I use the 5M chart and try to catch 30-50 pips.
Currently long USD/CAD.
EDIT: Stopped at breakeven point. I'm very positive on breakeven because I feel capital preservation comes first. I'm willing to accept more breakeven trades and some profits, rather than more profits and losses, resulting in losses.
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