RSI Screener Indicator for Metatrader 5

RSI Screener for MT5 is a dashboard-type indicator that displays the RSI (Relative Strength Index) oscillator values on different instruments and time frames selected by the user. In addition, the trader can configure it to show signals when the RSI is in overbought/oversold condition, when it crosses these levels or when it crosses the 50 level, which is important in some strategies. It is a simple and easy to configure indicator.

On its own, it should not be used as a trading system, as RSI signals are not 100% reliable, as is the case with all technical indicators, but it is a useful support tool.

The configurable parameters in RSI Screener are as follows:

• RSI Period : Number of periods used in RSI calculation. Default is 14.
• Overbought Level : Level at which the RSI reaches the overbought condition. It is taken as a bearish signal from the indicator. The default value is 70.
• Oversold Level – Level at which the RSI reaches the oversold condition. It is taken as a bullish signal from the indicator. The default value is 30.
• Symbol List – Here the trader indicates the markets or currency pairs for which he/she wants to calculate the RSI values. As many pairs can be added as the broker offers on the platform. By default, the indicator displays EURUSD, GBPUSD, USDJPY and AUDUSD pairs.
• List of timeframes – In this parameter we can indicate on which timeframes we want to calculate the RSI for each currency pair. All timeframes that MT5 offers can be added. By default, the indicator displays the M5, M15, M30, H1, H4, D1 and W1 timeframes.
• Number of bars to display arrows – This parameter allows you to assign a specific number of bars to plot visual signals on the RSI chart.
• RSI Overbought/Oversold Signals – Here we indicate whether we want the chart to display overbought and oversold signals. By default, the value is False (do not display). If we want the signals to appear, we must select True .
• 50 Level Crossover Signals – In this parameter we indicate whether we want the dashboard and the alerts window to show bullish and bearish signals of RSI level 50 crossing. By default, the value is False (do not show). If we want the signals to appear, we must select True .
• Alerts in Window – Allows the indicator to display alerts in the MT5 signals window.
• Email Alerts – Allows the indicator to send email alerts.
• Push Notifications – This parameter allows to display alerts in the MT5 application via push notifications.

Additional notes:

• To add new currency pairs in Markets , type the pair symbol, for example, XAUUSD or XAGUSD , without the “/” symbol and separated by a comma (no spaces).
• Overbought, oversold and 50-level crossing signals are displayed as changes in the screener cell and text color. For example, when the RSI is in an overbought condition, the text and box change to green , and when it is oversold, they change to red . The colors can be changed in the settings window.
• It has a function that allows the user to access the price chart where the signal is being generated by clicking on the corresponding cell of the screener.