RSI Candles MTF Indicator

RSI Candles MTF Indicator

The RSI Candles MTF indicator for MT4 displays the Relative Strength Value on the candlesticks.

The RSI (Relative Strength Indicator) Candles MTF Indicator for MetaTrader 4 is a technical system that automatically displays the value of the Relative Strength Indicator directly on candlesticks of a financial asset.

The indicator is simply an optimized system for identifying overbought and oversold zones of the price on multiple time frames at a glance. Besides, it would also help to keep your chart less choky, which gives ample space for technical analysis.

How to Trade with the RSI Candles MTF Indicator for MT4

The above image shows the action of the RSI Candles MTF indicator on the EURUSD pair. The indicator paints a candlestick green when the RSI value rises above the 50 level, which posits a possible bullish move. Conversely, it paints a candlestick red when the RSI value falls below the 50 level, which depicts a potential bearish trend.

Furthermore, it is important to state that the green and red bars that are displayed on the candlesticks by the indicator are not signals for buy or sell trade. However, you may use the information in synergy with price action/other indicators to identify a buying or selling opportunity in the market. For instance, you may open a sell position when price action prints a bearish engulfing candlestick when the price is below the 50 levels of the RSI.

Conclusion
The RSI Candles MTF Indicator for MT4 is simply an RSI indicator that was designed to be displayed on candlesticks in the financial market. In addition, the indicator is free to download.