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Content: Indicator: RSIScanner Plus.ex4 v1.4 (Unlocked-Unlimited), UserGuide: RSIScanner Plus v1.4.pdf.

RSI Scanner Plus Indicator Overview

The RSI Scanner Plus Indicator is a versatile tool designed to enhance your trading by scanning multiple symbols and timeframes for RSI values. It not only provides real-time RSI data but also displays trend lines on the chart, helping you make informed trading decisions.

Key Features:

1. Trend Line on Chart:

   • A trend line is drawn on the chart to help you visualize the current market trend.

   • The trend line complements the RSI values by indicating whether the market is in an uptrend or downtrend.

2. Changeable Panel Display:

   • You can customize the number of symbols and panels to display according to your preferences, with the dashboard adjusting to fit your input.

3. Clickable Boxes:

   • Each box in the dashboard is clickable, allowing you to instantly open the corresponding symbol and timeframe on the chart.

4. Hide/Show Dashboard:

   • You can easily toggle the visibility of the dashboard on the chart to avoid cluttering your screen while analyzing other indicators.

5. Customizable Colors:

   • The colors of the boxes and trend lines are customizable. For example:

     • Blue Box = Oversold

     • Red Box = Overbought

     • Blue Trend Line = Uptrend

     • Red Trend Line = Downtrend

6. RSI Values Display:

   • The indicator shows the RSI values for each symbol and timeframe, helping you monitor overbought and oversold conditions.

Parameter Settings:

1. Max.Symbols/Panel: Number of symbols to display in the panel.

2. RSI Period: The RSI period (default is 4).

3. RSI Applied Price: Choose the RSI applied price (default is PRICE CLOSE).

4. RSI Shift: Set the RSI shift for scanning.

5. Overbought: The RSI value considered overbought.

6. Oversold: The RSI value considered oversold.

7. Show Trend Line: Option to show or hide the trend line.

8. Trend Period: Set the period for calculating the trend.

9. Line Width: Set the width of the trend line.

10. BUY Color: Customize the color of the uptrend line and oversold boxes.

11. SELL Color: Customize the color of the downtrend line and overbought boxes.

12. Scan All Symbols in Market Watch: If enabled, the indicator will scan all symbols in your market watch list.

13. Scans Symbols: Manually specify which symbols to scan.

14. Symbol Prefix/Suffix: Add prefix or suffix for symbols (e.g., EURUSD.ecn).

15. Scan All Timeframes: If enabled, it will scan all timeframes (M1 to Monthly).

16. Scans Timeframes: Manually specify which timeframes to scan.

17. Minimum Total TFs to Alert/Symbol: Set the minimum number of timeframes in which the price must be overbought or oversold to trigger an alert.

18. PopUp Alert: Enable or disable pop-up alerts on the chart.

19. Mobile Alert: Enable or disable mobile alerts on MT4.

20. Email Alert: Enable or disable email alerts for overbought/oversold conditions.

Trading Strategies Using RSI Scanner Plus:

1. Higher Trend Lower RSI Strategy:

   • Concept: Follow the higher timeframe trend (e.g., H1), and look for oversold/overbought conditions on lower or same timeframes (e.g., H1, M30, M15).

   • Entry: Enter a buy when the price is oversold and the trend is up. Enter a sell when the price is overbought and the trend is down.

   • Stop Loss and Take Profit: Place your stop loss below the recent price low (for buys) or above the recent price high (for sells), and set the take profit 1 to 2 times the stop loss distance.

2. All Over Strategy:

   • Concept: Enter a trade when at least 3 timeframes are showing overbought or oversold conditions.

   • Entry: For example, if M1, M5, and M15 are all oversold, enter a buy order.

How RSI Scanner Plus Can Help Your Trading:

Whether you are already familiar with trading strategies based on the RSI or are looking to implement a new one, the RSI Scanner Plus provides valuable insights that will help you make more informed trading decisions. The real-time RSI data from multiple timeframes, combined with trend lines and customizable alerts, empowers you to track the market efficiently.