The RSI Market Watch Scanner Alert indicator for Metatrader 4 scans all symbols in the market watch window for overbought and oversold market conditions.
It alerts you in real-time when it finds symbols that reaches the 70 overbought value or the 30 oversold value.
The indicator runs in the background (running…) and the alert window will popup up to show you all alerts.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Scans for overbought/ oversold market conditions
- Based on the RSI indicator
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system.
Indicator Example Chart
The EUR/USD 1-hour chart below shows the RSI Market Watch Scanner Alert indicator in action.
Basic Trading Signals
- A buy signal is given when the RSI value is oversold (30) and the overall trend is upward.
- Place stop loss below support.
- Exit the buy trade for a predetermined profit target or wait for the overbought RSI value.
- A sell signal is given when the RSI value is overbought (70) and the overall trend is downward.
- Place stop loss above short-term resistance.
- Exit the sell trade for a predetermined profit target or wait for the oversold RSI value.
Download This Forex Indicator
Adjustable Parameters & Settings
Time frame to use for RSI, RSI high used for alert (70), RSI low used for alerts (30), show popup alert, send alert to phone.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: RSI scanning tool
How to install the RSI Scanner Alert indicator in Metatrader 4?
- Copy and paste the RSI_Scanner.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button