RSI Heatmap Indicator for MetaTrader5 — Free Download

The RSI Heatmap Indicator is a MetaTrader 5 tool that utilizes the Relative Strength Index (RSI) to assess the strength of various currencies, identifying overbought and oversold zones.

💎source :
https://tradingfinder.com/products/indicators/mt5/rsi-heatmap-free-download/

💎free indicator download:

https://cdn.tradingfinder.com/file/247876/rsi-heatmap-mt5-by-tflab-v1-2.zip

It presents this information in a heatmap panel located at the bottom left corner of the chart, offering traders a comprehensive view of price trends across multiple timeframes. Bullish conditions (buy signals) are depicted in green, while bearish conditions (sell signals) are shown in red.

Functionality

The RSI Heatmap Indicator aids in confirming and accurately identifying trend directions within various trading strategies.

By detecting overbought and oversold zones across different timeframes, it provides insights into the direction and strength of future currency pair trends. Strong bullish trends are represented in light green, weak bullish trends in green, weak bearish trends in dark red, and strong bearish trends in red.

Bullish Signal Conditions (Bullish Setup)

In the CHF/JPY 15-minute chart example, the heatmap displays green across timeframes ranging from 5 minutes to 4 hours, indicating oversold conditions and a bullish trend in the short to medium term. Traders might consider looking for triggers to enter buy trades within these timeframes.

✨Bearish Signal Conditions (Bearish Setup)

Conversely, the GBP/USD 4-hour chart example shows the heatmap in red across timeframes from 5 minutes to daily, suggesting overbought conditions and the onset of a bearish trend in the medium to long term. This scenario may prompt traders to seek triggers for entering sell trades within these timeframes.

RSI Heatmap Indicator Settings

The indicator offers customizable settings to tailor its functionality:

• Symbols to use: EURUSD, GBPUSD, USDCHF, USDJPY, EURJPY, GBPJPY, CHFJPY, AUDJPY, NZDJPY
• Timeframes to use: M5, M15, M30, H1, H4, D1, W1, MN
• RSI period: 14
• RSI price: Based on Close Price
• Strong up level: 60 (indicating a strong bullish trend)
• Weak up level: 50 (indicating a weak bullish trend)
• Weak down level: 50 (indicating a weak bearish trend)
• Strong down level: 40 (indicating a strong bearish trend)
• Bar to test: RSI calculation based on the second to last candle
• Color for strong up: Light green
• Color for weak up: Green
• Color for no change: Gray
• Color for weak down: Dark red
• Color for strong down: Red
• Color for buttons text: Black
• Color for buttons border: Black
• Color for buttons background: Gray
• Corner for display: Right upper chart corner
• Indicator unique ID: RSI Heatmap 1

✨Summary

Identifying trend strength is crucial in daily trading. The RSI Heatmap Indicator enhances this process by confirming trend directions across various strategies. It enables traders to assess currency pair trends across multiple timeframes, facilitating alignment with prevailing market directions.

FAQs

❓How does the RSI Heatmap show trend directions?

This indicator displays strong bullish trends in green and weak bullish trends in dark green. It also uses red for intense and dark red for weak bearish trends.

❓What is the use of the RSI Heatmap?

This indicator shows the trend strength status in a heatmap panel to help identify strong and weak trends.