RSI Overbought Oversold Indicator MT5 Download – Free – [TrdingFinder] – MetaTrader 5 Resource

The RSI Overbought and Oversold indicator uses colored arrows to mark overbought and oversold market areas.

The tool displays signals that are identified as potential price reversal levels.

Traders can combine these signals with overall market trends to determine the best entry or exit opportunities.

RSI indicator and overbought/oversold area specification table

The following table describes the specifications of the RSI indicator and overbought/oversold zones:

RSI overbought and oversold indicators at a glance

The RSI overbought and oversold indicator shows oversold points with blue arrows , while overbought areas are marked with red arrows .

bullish trend conditions

According to the GBP/USD 30-minute chart, the indicator detected two entries into oversold territory.

If the market is bullish, these signals are viewed as opportunities to enter a buy trade.

Bearish trend conditions

On the BTC 1 hour chart, overbought areas are shown with red arrows.

RSI overbought and oversold indicator settings

The settings for the RSI overbought and oversold indicator are as follows:

• RSIPeriod: RSI calculation period
• RSI_OB: Overbought level
• RSI_OS: Oversold level
• Arrow_Size: Signal arrow size
• Move_Arrow: The distance between the arrow and the candle
• CountBars: Number of candles under review
• ALERT: Alert activation
• EMAIL: Alert via email
• NOTIFICATION: notification activation
• MESSAGE_TIMEOUT: alert message interval
• MESSAGE_SUBJECT: Alert subject

Conclusion

The RSI Overbought and Oversold indicator is based on the Relative Strength Index and identifies overbought and oversold levels in the market.

After detecting these areas, the tool marks them with arrows on the chart. Traders can use these signals based on major market trends, such as entry points for buy or sell trades.