Created
: 2022.07.27
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Add RSI to chart
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.
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".
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.
Or, 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
|
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.
"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.
Step 3
RSI will be displayed on the sub-window of the chart.
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".
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.
Or, 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
|
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. |
|
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.
"Scale" tab
Set the scale of the sub-window for RSI.
|
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.
Step 3
RSI will be displayed on the sub-window of the chart.
Last updated
: 2024.08.02
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】
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Supervisor
Akira Takagi
Systems engineer, MetaTrader administrator
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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