4Period_RSI_Arrows Indicator For MT4

4Period_RSI_Arrows Indicator For MT4

The 4Period_RSI_Arrows Indicator For MT4 is a unique technical analysis tool that combines Relative Strength Index (RSI) plotted on four different time frames (5 Min, 15 Min, 30 Min, 60 Min) to generate buy and sell signals. The signals are triggered as soon as prices reverse from defined oversold and overbought levels. According to the indicator code, the oversold level is marked as 38 and overbought zone is set at 62. The 4Period_RSI_Arrows Indicator For MT4 plots an upward pointing arrow to signal a long trade, and a downward pointing arrow to suggest a short trade. The indicator is prone to generate too many false trades during highly trending market phases. During such times, traders should avoid opening positions against the broader market trend.

FREE 4Period_RSI_Arrows Indicator

Download the FREE 4Period_RSI_Arrows Indicator for MT4.

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Installing the 4Period_RSI_Arrows Indicator For MT4

After you downloaded the indicator via the form above you need to unzip the zip-file. Then you need to copy the file 4Period_RSI_Arrows.mq4 into the folder MQL4\Indicators of your MT4 installation. After that please restart MT4 and then you will be able to see the indicator in the list of indicators.

Parameters of the 4Period_RSI_Arrows Indicator For MT4

The 4Period_RSI_Arrows Indicator For MT4 has 12 parameters to configure.

extern int   atf=5;//Period() in minutes
extern int   btf=15;//Period() in minutes
extern int   ctf=30;//Period() in minutes
extern int   dtf=60;//Period() in minutes
extern int first_RSIperiods=9;
extern int second_RSIperiods=9;
extern int third_RSIperiods=9;
extern int fourth_RSIperiods=9;
extern int rsi_applied_price=5;
extern int shift=0;
extern int rsiUpperTrigger=62;
extern int rsiLowerTrigger=38;

Buffers of the 4Period_RSI_Arrows Indicator For MT4

The 4Period_RSI_Arrows Indicator For MT4 provides 8 buffers.

SetIndexBuffer(0,ExtMapBuffer1);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexBuffer(2,ExtMapBuffer3);
SetIndexBuffer(3,ExtMapBuffer4);
SetIndexBuffer(4,ExtMapBuffer5);
SetIndexBuffer(5,ExtMapBuffer6);
SetIndexBuffer(6,ExtMapBuffer7);
SetIndexBuffer(7,ExtMapBuffer8);

Main Parts Of The Code

int start()
  {
   int i;  
   int counted_bars = IndicatorCounted();
   if(counted_bars  lt  0)  return(-1);
   if(counted_bars  gt  0)   counted_bars--;
   int limit = Bars - counted_bars;
   if(counted_bars==0) limit--;
//----   
   for(i=limit;i gt =0;i--)
     {
      double one =iRSI(Symbol(),atf,first_RSIperiods,rsi_applied_price,i+shift);
      if (one  lt  rsiLowerTrigger)
         ExtMapBuffer1[i]=High[i]+5*Point;
      if (one  gt  rsiUpperTrigger)
         ExtMapBuffer2[i]=Low[i]-5*Point;
     }
   for(i=limit;i gt =0;i--)
     {
      double two =iRSI(Symbol(),btf,second_RSIperiods,rsi_applied_price,i+shift);
      if (two  lt  rsiLowerTrigger)
         ExtMapBuffer3[i]=High[i]+8*Point;
      if (two  gt  rsiUpperTrigger)
         ExtMapBuffer4[i]=Low[i]-8*Point;
     }
   for(i=limit;i gt =0;i--)
     {
      double three =iRSI(Symbol(),ctf,third_RSIperiods,rsi_applied_price,i+shift);
      if (three  lt  rsiLowerTrigger)
         ExtMapBuffer5[i]=High[i]+11*Point;
      if (three  gt  rsiUpperTrigger)
         ExtMapBuffer6[i]=Low[i]-11*Point;
     }
   for(i=limit;i gt =0;i--)
     {
      double four =iRSI(Symbol(),dtf,fourth_RSIperiods,rsi_applied_price,i+shift);
      if (four  lt  rsiLowerTrigger)
         ExtMapBuffer7[i]=High[i]+14*Point;
      if (four  gt  rsiUpperTrigger)
         ExtMapBuffer8[i]=Low[i]-14*Point;
     }
//----
   return(0);
  }
//+------------------------------------------------------------------+

 

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