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RSI Divergence

RSI Divergence Indicator: Spot market momentum shifts with this tool. Detect divergences between price action and RSI, predicting reversals. Customizable settings for precise analysis. Bullish and bearish signals are highlighted for confident trading decisions.

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Description

Features of the RSI Divergence Indicator

An RSI divergence indicator alerts traders when price action and the RSI indicator no longer reflect the same momentum. Relative Strength Index, or RSI, is a momentum indicator that assesses price movement to determine if the market is overbought or oversold.

It’s in a range of 0 to 100. A decline below 30 on the Relative Strength Index indicates an oversold state in the market. A reading of 70 or higher on the Index suggests that the market is overbought. The main problem with using an indicator is that there aren’t enough signals. It is rare for this indicator to approach the overbought and oversold positions.

You require divergence from the conventional indicator to overcome this issue. When a market pulls back, divergence can help you predict when it will likely restart its trend. It can only help predict reversals.

This indicator appears in a separate window at the bottom of the chart. It appears in the form of a green line graph. The indicator draws a blue line and arrow to represent a bullish divergence and a red line and arrow to represent a bearish divergence.

How the Indicator Can Benefit You

When the RSI indicator is oversold, a bullish divergence appears, followed by a higher low that lines up with lower lows in the price movement. This represents a buy signal anticipating a trend reversal to the bullish side. A bearish divergence occurs when the relative strength index indicator is overbought, followed by a lower high corresponding to higher highs in the price movement. This represents a sell signal anticipating a trend reversal to the bearish side.

Indicator Setting Description

Period: Allows you to change the period the indicator uses to calculate.

Applied price: Allows you to change the price the indicator uses to calculate (Open, Close, High, Low, etc.).

Overbought: Allows you to change the overbought level of the indicator.

Oversold: Allows you to change the oversold level of the indicator.

Bullish color: Allows you to change the color for the bullish movements of the price

Bearish color: Allows you to change color for the bearish movements of the price

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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