The RSI Peak & Valley Levels Forex indicator for MT4 is an enhanced version of the classic RSI technical indicator and draws peak & valley arrows on the chart.
The indicator oscillates between the 0 and 100 extreme boundaries.
The 0 level is considered extremely oversold while the 100 level is considered extremely overbought.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Enhanced RSI technical indicator
- Draws peak & valley arrows on the chart
- Combine with a trend indicator
- Works well for trade entry in any market
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple buy/sell entry confirmation tool.
Indicator Example Chart
The EUR/USD 5-minutes chart below shows the RSI Peak & Valley Levels indicator in action.
Basic Trading Signals
Signals from the RSI Peak & Valley Levels Forex indicator for Metatrader 4 are easy to interpret and goes as follows:
- Open a long trade when the RSI oscillator touches the 0 extremely oversold level and the overall trend is upward.
- Place stop loss below the previous swing low level.
- Take profit at the RSI 100 level or deploy your own take profit method.
- Open a short trade when the RSI oscillator touches the 100 extremely overbought level and the overall trend is downward.
- Place stop loss above the previous swing high level.
- Take profit at the RSI 0 level or deploy your own take profit method.
Download This Forex Indicator
Adjustable Parameters & Settings
Period RSI, price, level overbought, level oversold, arrow size, alerts
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: works on any time frame
Indicator Type: RSI
How to install the RSI Peak & Valley Levels indicator in Metatrader 4?
- Copy and paste the rsi-peak-valley-levels.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