Setting Up the Relative Strength Index (RSI) on MT4
There are over 50 pre-installed technical indicators on Forex, Shares, Indices, Metals,, including RSI. Here are some simple steps to launch and apply RSI to your charts.
- Click on “Insert” in the “Navigation” window.
- Move your mouse over “Indicators” and then “Oscillators”
- Click on “Relative Strength Index”
After this, the “Settings” dialogue box will appear. Now you can change the parametres of the index, according to your strategy. There are two parametres:
- Number of periods used for RSI
- Visuals, such as colour of the lines, thickness, etc.
You can also change the parametres of the indicator directly from the chart.
- Right-click on the RSI line to get the Settings menu.
- Choose the “RSI (14) Properties” option. Here, 14 is the default period parametre, you can change this to your preferred timeframe.
- If you want to delete the indicator, simply click on “Delete Indicator” in the same menu.
RSI is a useful technical indicator for evaluating the strength of the current market trend. Learn more about how to it to use to make informed trading decisions.