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Add RSI to chart

The Relative Strength Index (RSI), originally developed by J.W. Wilder (USA), is an indicator used in technical analysis that 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 MetaTrader5 (MT5). RSI can be set up from the menu or Navigator.

Step 1

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

 : 2022.07.27

Writer

Takayoshi Nakamaru

Manual production consultant, MBA

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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

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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.

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