RSI filter indicator is created based on the Relative strength indicator.
What is the RSI filter indicator?
RSI filter indicator represents MT4 indicator that presents upper, lower, neutral trading area on the chart. Besides that, in the left corner is shown intraday and weekly trend as well.
In this version of the RSI filter in the left-up corner, the trends dashboard is added.
Below you can search for free download indicator:
RSI filter indicator download
In RSI filter indicator:
* UPPER: While there is a clear break above the level of 70 and the state is assumed from the last or previous pole.
* LOWER: While there is a clear break below the level of 30 and the state is taken from the previous or previous pole.
* NEUTRAL: In this position, the value of the price is traveling between the value of 40 to 60.
You should also know these facts:
* The blue pole means an optimistic trend.
* The red bar represents a rough and clumsy trend.
* The blank poles represent the flat state of the market.
RSI filter indicator:
Before proceeding, you should know about the basic or fundamental trading signals. These are as follows:
* BUY SIGNAL: You need to go a long way while the vertical poles of the RSI filter get the color of deep shaded sky blue, and it will be placed above the zero signal level. The trend needs to be bullish in the dashboard.
* SELL SIGNAL: You need to go a short way while the vertical poles of the RSI filter get the shade of red color, and it will be placed beneath the zero signal level. The trend needs to be bearish in the dashboard.
* EXIT BUYING TRADE: At the time of the optimistic trend, you need to buy all the orders. At that time, the RSI filter indicator shows the red vertical pole below the zero signal line level.
* EXIT SELLING TRADE: If you notice that the clumsy and rough trend is in progress, then you need to sell all the orders. The RSI filter indicator shows the deep sky blue shaded vertical pole above the zero signal line level.