RSI ‘In’ Arrow Alert Indicator + TP and SL Levels (MT4)

• Version
• Download 743
• File Size 37.46 KB
• File Count 1
• Create Date October 14, 2021
• Last Updated February 27, 2025

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RSI ‘In’ Arrow Alert Indicator + TP and SL Levels (MT4)​​

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This indicator will generate an arrow alert whenever the Relative Strength Index (RSI) crosses back 'IN' from below the oversold/bottom level or back 'IN' from above the overbought/top level. The top level indicates a potential Overbought/SELL signal and bottom level indicates a potential Oversold/BUY signal.

This indicator also includes an inbuilt TP/SL (Take-profit/Stop-loss) target levels configured using ATR (Average True Range) multipliers and can be adjusted to a specific user preference. This method calculates and positions the suggested ‘TP and SL’ levels according to current price volatility unique to each currency pair. Each TP and SL level is calculated to a standard risk to reward ratio as a default setting and can be adjusted to a specific user preference in the indicator input settings.

This indicator should only be used with or as part of a reliable, consistent working strategy that requires the use of the Relative Strength Index (RSI) indicator.

Notes and recommendations: Works well with ranging markets. Avoid using during 15-20 minutes before and after medium/high impact news and opening hour of major market sessions. Should only be used with a reliable strategy, proper market analysis and added confirmations to suggest high probability win trade. Take caution during NFP (Non-farm payroll) week, try to avoid trading during NFP week.

Arrow Style Types Table: (Go to Arrow Styles Types page for more details and instructions)

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