Select Language

Add RSI to chart

On MetaTrader4 (MT4) / MetaTrader5 (MT5), you can display the Relative Strength Index (RSI), a technical indicator developed by J.W. Wilder (USA). It measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price.

Here we will look at how to add RSI to a chart on MT4/MT5.

Switch between MT4/MT5 tabs to check the steps for each.

mt4
mt5

Step 1

RSI can be set up from the menu or the Navigator.

Add RSI from the menu

Click "Insert" in the menu. Hover the pointer over "Indicators" > "Oscillators" and select "Relative Strength Index".

Set up RSI Set up RSI

Add RSI from the Navigator

On the Navigator, click on the "+" signs next to "Indicators" and then "Oscillators". Select "Relative Strength Index" and drag it onto the chart you wish to apply it to.

Select Relative Strength Index and drag it onto the chart Select Relative Strength Index and drag it onto the chart

Or, right-click on "Relative Strength Index" and select "Attach to a chart".

Right-click on Relative Strength Index and select Attach to a Chart Right-click on Relative Strength Index and select Attach to a Chart

Step 2

The setting window for RSI will appear. Set the parameters in the "Parameters", "Levels", and "Visualization" tabs and click "OK".

"Parameters" tab

Parameters tab of RSI Parameters tab of RSI

Number

Item name

Descriptions

1

Period

Set the period for the RSI. The unit here is the number of candlesticks. If you select the daily chart and set it to "14", the RSI for the past 14 days will be generated.

2

Apply to

Price to use for calculating RSI.

Close: close price

Open: open price

High: high price

Low: low price

Median Price (HL/2): (high price + low price) ÷2

Typical Price (HLC/3): (high price + low price + close price) ÷3

Weighted Close (HLCC/4): (high price + low price + close price×2) ÷4

Previous Indicator's Data: the price data applied to the previous indicator

First Indicator's Data: the price data applied to the first indicator

3

Style

Set the color, line type, and line thickness for RSI.

4

Fixed minimum

Set the minimum value for the sub-window to display RSI.

5

Fixed maximum

Set the maximum value for the sub-window to display RSI.

"Levels" tab

In the RSI sub-window, the vertical axis shows the percentage and you can display horizontal lines on top of it. They are set to 30% and 70% by default. If you wish to change them, double-click the numbers and enter the number of your choice. If you want to add another horizontal line, click "Add" and enter the number. RSI fluctuates from 0~100% so pick a number from 0~100.

Levels tab of RSI Levels tab of RSI

"Visualization" tab

In the "Visualization" tab, you can set the timeframes to display RSI. As RSI can only be displayed in the sub-window, it will be displayed in the sub-window even if "Show in the Data Window" is unchecked.

Visualization tab of RSI Visualization tab of RSI

Step 3

RSI will be displayed on the sub-window of the chart.

RSI will be displayed RSI will be displayed

Step 1

RSI can be set up from the menu or the Navigator.

Add RSI from the menu

Click "Insert" in the menu. Hover the pointer over "Indicators" > "Oscillators" and select "Relative Strength Index".

Select Relative Strength Index Select Relative Strength Index

Add RSI from the Navigator

On the Navigator, go to "Indicators" and click on the "+" sign next to "Oscillators". Select "Relative Strength Index" and drag it onto the chart you wish to apply it to.

Select Relative Strength Index and drag it onto the chart you wish to apply it to Select Relative Strength Index and drag it onto the chart you wish to apply it to

Or, right-click on "Relative Strength Index" and select "Attach to Chart".

Right-click on Relative Strength Index and select Attach to Chart Right-click on Relative Strength Index and select Attach to Chart

Step 2

The setting window for RSI will appear. Set the parameters in the "Parameters", "Levels", "Scale", and "Visualization" tab and click "OK".

"Parameters" tab

Click OK Click OK

Number

Item name

Descriptions

1

Period

Set the period for the RSI. The unit here is the number of candlesticks. If you select the daily chart and set it to "14", the RSI for the past 14 days will be generated.

2

Apply to

Price to use for calculating RSI.
Close: close price
Open: open price
High: high price
Low: low price
Median Price (HL/2): (high price + low price) ÷2
Typical Price (HLC/3): (high price + low price + close price) ÷3
Weighted Close (HLCC/4): (high price + low price + close price×2) ÷4
Previous indicator's data: the price data applied to the previous indicator
First indicator's data: the price data applied to the first indicator

3

Style

Set the color, line type, and line thickness for RSI.

"Levels" tab

In the RSI sub-window, the vertical axis shows the percentage and you can display horizontal lines on top of it. They are set to 30% and 70% by default. If you wish to change them, double-click the numbers and enter the number of your choice. If you want to add another horizontal line, click "Add" and enter the number. RSI fluctuates from 0~100% so pick a number from 0~100.

Levels tab Levels tab

"Scale" tab

Set the scale of the sub-window for RSI.

Scale settings Scale settings

Number

Item name

Descriptions

1

Inherit scale

Check this box if you want to inherit the scale of the previous indicator when displaying multiple indicators on the same sub-window.

2

Scale by line

Specify where you want the RSI to show up on the sub-window. If you set the scale percentage to "50" and the scale value to "0", the scale of the vertical axis will be adjusted so that the scale value of "0" will be set at the 50% mark (max value is 100%).

3

Fixed minimum/maximum

Set the min/max value for the sub-window to display RSI.

"Visualization" tab

In the "Visualization" tab, you can set the timeframes to display RSI. As RSI can only be displayed in the sub-window, it will be displayed in sub-window even if "Show in Data Window" is unchecked.

Visualization tab Visualization tab

Step 3

RSI will be displayed on the sub-window of the chart.

RSI will be displayed RSI will be displayed

Date

Created

 : 2022.07.27

Update

Last updated

 : 2024.01.27

Takayoshi Nakamaru

Manual production consultant, MBA

arrow
Takayoshi Nakamaru

Nakamaru is a manual production consultant at FINTECS, a company that specializes in creating manuals for their clients.
With a wide range of experience from fintech to entertainment, he presents what user-friendly manuals should be like.
He works with numerous large corporations as an external manual production project manager.

【Business information】
http://www.fintecs.co.jp/profile/

Supervisor

Akira Takagi

Systems engineer, MetaTrader administrator

arrow
Akira Takagi

After graduating from Computer Science at the Uninove, Brazil, in 2014, he has worked on various systems development projects.
He participated as a developer in the launch of forex services in 2019. Since then, he has also been involved in the development of MetaTrader plugins and APIs. He is certified by MetaQuotes as a MetaTrader5 Administrator and active in consulting and advisory as well.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel