How to Set RSI on MetaTrader 4 Charts - Adding MT4 RSI Chart Indicator

Step 1: Open Navigator Window on Software Platform

Open the Navigator window like is shown & displayed below: Go to 'View' menu (press on it), then select 'Navigator' window (press), or From Standard ToolBar click 'Navigator' button or press key board short-cut keys 'Ctrl+N'

On Navigator window, choose and select 'Indicators', (Double Press)

How Do I Add RSI on the MT4? - MT4 RSI - How to Use RSI in Forex

How Do You Add RSI on MT4 Platform - MT4 RSI Indicator

Step 2: Expand the Indicators Menu on the Navigator - Adding RSI MT4 Chart Indicator

Expand this menu by clicking the unfold tool/button impress mark + or double-click the 'indicators' menu, afterwards the button will appear and be shown as (-) & will now display a list just as shown below - select and choose the RSI chart indicator from this list of trading indicators so as to add the RSI on the forex chart.

How to Set RSI on a Chart - How Do You Use RSI Indicator? - Adding MT4 RSI Indicator

How Do You Add RSI - From the Above window you as a trader can then place RSI that you want on the chart

How to Set Custom RSI to MT4

If the indicator you want to add is a custom technical indicator - for example if the RSI you want to add is a custom indicator you will need to first add this custom RSI on the MetaTrader 4 software and then compile the custom RSI so that as the newly added RSI custom indicator pops up on the list of custom indicators in MetaTrader 4 software.

To learn how to setup RSI indicators on MT4, how to add RSI panel to MT4 and how to add RSI custom indicator in the MT4 - How to add a custom RSI on MT4 Platform.

About RSI Example Explained

Relative Strength Index RSI Technical Analysis & RSI Signals

Developed by J. Welles Wilder, presented in the book "New Concepts in Technical Systems".

Relative Strength Index is the most popular/liked indicator & it is a momentum oscillator & a trend following trading indicator. RSI compares a currency magnitude of the recent price gains against its magnitude of recent losses price losses & draws this data on a scale of values that ranges between 0-100.

Relative Strength Index measures the energy of a currency pair; readings above 50 signify bullish momentum while values/readings below 50 center-line signify bearish energy.

Relative Strength Index RSI - How to Use RSI - RSI Settings on MT4

RSI is drawn as a green line
Horizontal dashed lines are plotted to identifying overbought and oversold levels are i.e. 70/30 levels respectively.

Forex Technical Analysis and How to Generate Signals

There are various methods used to trade, these are:

50-level Cross-over Signals

Buy trade signal - when the indicator crosses above 50 mark a buy/bullish trade signal is given/generated.
Sell Signal - when the trading indicator crosses below the 50 mark a sell/bearish signal is given/generated.

RSI Buy Sell Signals - How Do I Use RSI Indicator? - Adding MT4 RSI

RSI Patterns

Traders can draw trend lines & map out patterns on the RSI. The RSI often forms chart patterns like head and shoulders pattern which might not have formed clearly on the price chart.

Forex Support/Resistance Breakouts

RSI is a leading indicator & can be used to predict the Support and Resistance Breakouts before price breaks its support/resistance level. RSI uses the swing failure signal to predict when the price is about to break support and resistance zones.

Support Resistance Breakout - How Do I Use RSI Indicator? - RSI Strategies Buy & Sell Signal

Swing Failure - Support and Resistance Break-out

Over-bought/Oversold Conditions in Indicator

Overbought levels above 80
Over-sold- levels below 20

These levels can be used to generate FX signals like when RSI turns upward from below 20 after oversold, buy & sell when the RSI crosses to below 80 after overbought, sell. These signals are not suitable for trading Forex because they are prone to a lot of fake outs.

Divergence Forex Trade Setups

Divergence trading is one of the analysis method used to trade reversals of the market trends. There are 4 types of divergences which can be traded and transacted with this technical indicator covered & discussed on the divergence course on this website.

Learn More Tutorials & Lessons:

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