The RSI HTF indicator is another variation of the Relative Strength Indicator. The main difference between standard RSI and this one is how it shows signals. The RSI HTF Indicator displays dots instead of a continuous oscillator line.
There are four colors of RSI HTF dots, each with its meaning.
A green dot (occurs only above the 50 levels) has higher values than a violet one. Likewise, a pink dot (appears only below 50 levels) means that it has higher values than a brown one.
By connecting these dots of the RSI HTF indicator, you can draw divergences, trendlines, etc.
The indicator is displayed in a separate window below the main trading chart.
It fits all kinds of timeframes and mt5 currency pairs.
The default mt5 indicator settings can be modified directly from the indicator input tab. Feel free to test with the settings and parameters to fit your preferences.
How to set up the RSI HTF indicator in MT5?
Installation Guide
Copy and paste the rsi-htf-indicator.mq5 or rsi-htf-indicator.ex5 indicator files into the MQL5 folder of the MetaTrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. Find the gauge name in the Navigator, right-click it, and select Attach to the chart.
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Bottom Line
The RSI HTF indicator is well worth adding to your trading collection but remembers to have realistic expectations. Just like any other technical analysis tool, it cannot provide accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your trading system based on it.
