Description of RSI Dashboard Multi Overbought Oversold Analyzer

Forums Dashboards & Analyzers RSI Extremes Overbought Oversold Dashboard Description of RSI Dashboard Multi Overbought Oversold Analyzer

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  • #4487
    DominikDominik
    Administrator

    RSI Dashboard is a great tool for quickest possible analysis of multiple currency pairs in terms of Oversold or Overbought at the same time.

    The number of displayed symbols is 30 and the name of each symbol can be edited in the parameters, so we are able to analyze not only predetermined currency pairs, but also other ones, commodities, equities, indices, currency pairs with prefixes and suffixes etc…

    This analyzer is perfect for alert notifications through the MetaTrader terminal, push notifications to mobile device and also email alerts, e.g. from a VPS.

    The most important parameters are period of RSI (“RSI_Period”) and 2 levels (“RSI_Low_Level”, “RSI_High_Level”), below and above which we will get alerts.

    For example, if you set RSI_Period=7, RSI_Low_Level=20 and RSI_High_Level=80, you will receive alerts when the value of RSI (for period 7) for a given currency pair and a given timeframe will be below 20 (oversold) or above 80 (overbought).

    Another parameter is “Use_Only_Closed_Bars” – if set to “True” alerts come only from closed candles. If set to “False” – alerts come immediately from current candles.

    RSI Dashboard gives us possibility to choose alerts from combined timeframes (with coincident conditions):

      a) M5 + M15 + M30 (“Alerts_if_3_Lower_TFs_coherent”),
      b) H1 + H4 + D1 (“Alerts_if_3_Higher_TFs_coherent”),
      c) M5 + M15 + M30 + H1 + H4 + D1 (“Alerts_if_ALL_TFs_coherent”).

    For every alerts we can add comments that work in two cases. “Oversold_Comment” works in the case of RSI oversold (RSI value lower than “RSI_Low_Level” – default comment: “BUY”) and “Overbought_Comment” works in the case of RSI overbought (RSI value higher than “RSI_High_Level” – default comment: “SELL”). Comments in alerts are embedded between timeframe and RSI period. Information that we receive in the email alerts are: symbol name, timeframe, comment, RSI (with given period) is lower/higher than (set in parameters) RSI level, eg.:

      EURUSD M15 BUY – RSI (14) lower than 20 or

      USDCHF H1 SELL – RSI (7) higher than 75

    If we leave blank fields in these parameters we will get alerts without comments.

    We can choose whether the whole text of email alert is in the body or in the subject of email messages (“Whole_Text_In_Email_Subject”). When set to True alerts will look like (comments off):

      Subject: GBPUSD M5 – RSI (14) higher than 70

    If set to True:

      Subject: GBPUSD
      Body: M5 – RSI (14) higher than 70

    In header of dashboard are displayed 4 actual parameters: RSI Period, 2 RSI Levels and text: “Real Time Values” or “Only Closed Bars” (depending on parameter “Use_Only_Closed_Bars”).

    Every color of RSI Dashboard is modifiable.

    Default colors of values and meaning:

      Green – means that value of RSI is below RSI Low Level.
      Red – RSI is above RSI High Level.
      Gray – RSI value is maximal “Near_Level_Percent” points above RSI Low Level or below RSI High Level.

    We can set maximum spread at which the notifications will come (“Alerts_Max_Spread”).

    Spread values also can have different colors:

      a) when value is lower or equal to “Alerts_Max_Spread”,
      b) between 1 and 1.5 times higher than this parameter,
      c) above 1.5 times higher than this parameter.

    I suggest to make a new template with “RSI Dashboard” and scheme without colors (“None”), only Background and Foreground set to “White”.

    Product is available here: https://www.mql5.com/en/market/product/13223

    Any questions, comments, opinions and ideas are welcome here!

    Good luck in trading! :)

    #4676
    Avatarxdrbgr
    Spectator

    Dominik, hi! Can you make to the external configuration option to display only the necessary timeframes?

    #4677
    DominikDominik
    Administrator

    @DimaExtreme wrote:

    Dominik, hi! Can you make to the external configuration option to display only the necessary timeframes?

    Hi! I understand that you mean you don’t want to see other timeframes than chosen in parameters. It’s possible, but it would pretty complicate the code. That’s why I made option to switch off alerts from selected timeframes instead of turning off whole columns with specified timeframes. If you’re using still the same timeframes and you don’t want to change them, it’s possible that I can make a version of dashboard just for you when I’ll find some time. Just let me know which TFs do you need and I will delete other TFs from your version of product.

    Regards!

    #4678
    Avatarxdrbgr
    Spectator

    @Dominik wrote:

    @DimaExtreme wrote:

    Dominik, hi! Can you make to the external configuration option to display only the necessary timeframes?

    Hi! I understand that you mean you don’t want to see other timeframes than chosen in parameters. It’s possible, but it would pretty complicate the code. That’s why I made option to switch off alerts from selected timeframes instead of turning off whole columns with specified timeframes. If you’re using still the same timeframes and you don’t want to change them, it’s possible that I can make a version of dashboard just for you when I’ll find some time. Just let me know which TFs do you need and I will delete other TFs from your version of product.

    Regards!

    Thank you for your reply! My work timeframes: H1, H4, D1. And then there’s such a thing: http://prntscr.com/by964w

    #4679
    DominikDominik
    Administrator

    When I find some time (maybe in a few days) I will surely do it for you. Regards!

    #4680
    AvatarbyVoldn
    Spectator

    Would it be possible to get the M1 timeframe added?

    #4681
    DominikDominik
    Administrator

    @residualfuture wrote:

    Would it be possible to get the M1 timeframe added?

    Hi!

    Here is an answer: https://www.mql5.com/en/market/product/13223#!tab=comments&page=3&comment=2926223

    Regards!

    #4682
    DominikDominik
    Administrator

    #4683
    DominikDominik
    Administrator

    Hi guys!

    Some of you asked me about RSI Dashboard with M1 timeframe included (for scalping). In my honest opinion, there is too much “noise” on M1 and transaction costs + spread are too high in relation to gains, so it’s impossible to earn regularly watching and trading M1, it’s just roulette… but I can’t forbid anyone to lose his own money :titter: so I created RSI Dashboard with only M1 and you can download it from this post. It’s free and without any limitations.

    My recommendation: test it on demo account and then forget about it… and go to min. M15 TF 😆

    Regards,
    Dominik

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