RSI Overbought Oversold Indicator MT4 Download – Free – [TrdingFinder] – MetaTrader 4 Resource

The RSI Overbought Oversold indicator was developed to show overbought and oversold areas using colored arrows.

The points highlighted by this indicator are considered potential trend reversal areas; therefore, these alerts can be used as trading signals by taking into account the main market trends.

RSI indicator and overbought/oversold area specification table

The specifications of the RSI indicator and overbought/oversold zones are as follows.

RSI indicator and overbought/oversold areas at a glance

The RSI Overbought and Oversold indicator uses arrow marks to identify overbought and oversold conditions.

The tool shows oversold areas with blue arrows, and conversely, overbought areas with red arrows.

bullish trend conditions

This indicator identifies and displays two oversold areas based on the EUR/USD chart on the 1 hour time frame.

Given the bullish market trend, these signals can be used as potential buying opportunities.

Bearish trend conditions

The indicator marks overbought areas with red arrows based on the USD/CHF chart on the 30-minute time frame.

RSI overbought and oversold indicator settings

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

• RSIPeriod: Relative Strength Index calculation period
• RSI_OB: Set overbought level
• RSI_OS: Set oversold level
• Arrow_Size: Signal arrow size
• Move_Arrow: The distance between the arrow and the candle
• CountBars: Number of candles analyzed
• ALERT: Enable alert
• EMAIL: Email alert
• NOTIFICATION: Enable notifications
• MESSAGE_TIMEOUT: Time interval between alerts
• MESSAGE_SUBJECT: Alert titles

Conclusion

RSI Overbought Oversold Indicator uses the following indicator to display overbought and oversold areas on the Relative Strength Index (RSI).

Once identified, the tool marks these areas on the chart with arrow markers. Traders can use these signals as buy and sell opportunities considering overall market conditions.