Recruitment of participants MT4 True RSI indicator v3 (full version)

Discussion in 'Forex Indicators MT4' started by Dron, 22 January 2024.

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  1. Dron

    Dron Well-Known Member
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    Full MT4 True RSI indicator (v3, January 2023)

    Screenshot_7.jpg

    V3 | January 2023

    • Added in automatic authentication system
    • Improved the sensitivity of detecting reversals
    • Improved the accuracy of detecting reversals
    The MT4 True RSI Indicator is an incredibly powerful tool that helps you find hidden levels of overbought and oversold areas. It’s particularly powerful for traders who wish to play reversal strategies. We use this ourselves in our institutional trading strategies.

    So the trick is in finding a True RSI level that price bounces off. Instead of 70, this could be 60. Instead of 30, this could be 40. That is the True RSI of the market. How does this look like? Here’s a screenshot of how our special True RSI Indicator works in finding out key levels where price bounces off.

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    How the institutions use RSI to identify hidden areas of support and resistance

    As you can see in the image, the TFA True RSI indicator has scanned for 5 major swing lows that bounced really nicely (we can adjust the sensitivity and how strict these big swing lows are). So in the past 5 times price bounced nicely – it coincided with RSI being at 32-36% 4 out of 5 times (4 orange boxes show how nicely it bounced, 1 red box to show that it didn’t bounce).

    So what does this tell us? It means that there’s an 80% chance approximately that when RSI reaches the 32-36% level, there will be a bounce in price. With this strategy by itself, we already have an edge over the market to trade and make money (really? yes!). But if you wish to really increase your trading profitability, you can add in basic support and resistance and even Fibonacci to this.

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  2. DjFx

    DjFx Active Member

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