Indicator Overview
The Color RSI with alert wPush indicator for MT4 is a visual RSI tool that adds colored zones and arrows for overbought and oversold levels. It’s designed for traders who want quick, intuitive signals based on RSI levels, with built-in alerts and optional push/email notifications.
Arrows appear on the chart when RSI crosses defined thresholds, and the RSI line changes color based on its position. This helps identify potential entry or exit points at a glance, especially in ranging markets.
How to Use It in Practice
This indicator is best used when looking for RSI-based reversal or continuation opportunities. You can:
- Buy when RSI crosses above the oversold line and a green arrow appears.
- Sell when RSI drops below the overbought line and a red arrow appears.
- Confirm signals with price action or support/resistance zones.
- Use the alert features for hands-free monitoring of RSI conditions.
It works well in sideways or range-bound markets where RSI reversals are more reliable.
Parameter Explanations
RSIPeriod
Sets the number of periods used to calculate the RSI value.
PriceType
Defines the type of price used in the RSI calculation (e.g., Close, Open, Median, Typical, Weighted).
timeFrame
Lets you set a fixed timeframe for the RSI calculation, different from the chart timeframe if desired.
overBought
RSI level above which the market is considered overbought and may generate a sell signal.
overSold
RSI level below which the market is considered oversold and may generate a buy signal.
showArrows
Enables or disables the display of buy/sell arrows on the chart when RSI crosses levels.
alertsOn
Turns all alerts on or off.
alertsMessage
Shows a pop-up message on screen when an RSI alert condition is met.
alertsSound
Plays a sound notification when an alert is triggered.
alertsPush
Sends a push notification to your mobile MetaTrader app when an alert occurs.
alertsEmail
Sends an email when an alert condition is met (requires email settings configured in MT4).
