RSI Scanner MT4

The RSI Scanner MT4 comes to the fore as an indispensable tool for forex traders. With its multi-symbol, multi-timeframe dashboard, it provides a dynamic approach to monitoring the Relative Strength Index (RSI) across up to 28 symbols and nine timeframes.

Key Features of RSI Scanner MT4

The RSI Scanner MT4 is equipped with an array of features designed to optimize forex trading. It provides signals when the RSI enters and exits the overbought and oversold zones, thus providing crucial alerts for forex traders. In addition, it enables users to monitor 28 customizable instruments and nine timeframes concurrently, making it an efficient tool for tracking multiple markets.

Further enhancing its functionality, the scanner offers forex traders the ability to receive popup, email, and phone notification alerts for selected symbols and timeframes. These notifications enable traders to stay aware of market trends and make timely decisions. Users can also quickly review signals in the same chart by simply clicking on signal buttons, thus saving valuable time.

Customizable Settings of RSI Scanner MT4

The RSI Scanner MT4 provides a host of customizable settings to enhance trading optimization. Users can enter RSI indicator settings such as period, and signal levels for the overbought/oversold zone. They can also specify the timeframes they wish to monitor, with the underscore symbol “_” used as a separator. Reducing the number of timeframes can improve the dashboard’s performance by reducing required calculations.

Moreover, users can adjust the scan interval in milliseconds, which controls the frequency of symbol scans. A lower interval puts more load on the system’s CPU, but allows for more frequent updates. The scanner also allows users to decide whether to wait until the close of the current candle before checking the signal.

Alert Options and Dashboard Customization

The RSI Scanner MT4 offers various alert options – popup alerts, phone notifications, and email alerts. Traders can select the symbols and timeframes they want alerts for by ticking their checkboxes on the panel. To receive phone notifications, users must enable and fill the MetaTrader push notification settings. Similarly, for email alerts, users need to activate and fill the MetaTrader email settings.

The dashboard itself can be customized to suit individual preferences. Users can choose between one or two columns of symbols (14 or 28 symbols) in the dashboard. The number of dashboard rows can also be adjusted (1-14 rows). The font size of labels and buttons can be changed to enhance readability. For users wishing to set and save different sets of symbols, the RSI Scanner MT4 offers a unique ID feature.

A Peek into RSI Scanner MT4 Operation

The RSI Scanner MT4 dashboard displays four signals in four colors: light blue and light red for price entering the oversold or overbought zone, and deep blue and deep red for RSI exiting oversold or overbought zones. Traders wishing to monitor more than 28 instruments can load the indicator on another chart, set a different “Unique ID” in the indicator settings, and set different symbols for it.

The symbols to be added to the dashboard must be visible in the MetaTrader market watch window. It’s important to note that the first time the indicator is run or a new symbol is loaded in the dashboard, there might be a few seconds’ delay before the data is updated and signals displayed.

Independent Testing and User Experience

Independent testing of the RSI Scanner MT4 can be viewed on the forexroboteasy.com website, where users can also subscribe to updates on the results of testing this product. The user experience is a crucial aspect of any product review, and we invite readers to share their experiences using this tool.

FAQs

What is the RSI Scanner MT4?
The RSI Scanner MT4 is a multi-symbol, multi-timeframe dashboard that monitors the Relative Strength Index indicator across up to 28 symbols and nine timeframes.

How does the RSI Scanner MT4 optimize forex trading?
The RSI Scanner MT4 provides signals when the RSI enters and exits the overbought and oversold zones, providing crucial alerts for forex traders. It also allows users to monitor multiple instruments and timeframes at once.

Can I customize the settings of the RSI Scanner MT4?
Yes, the RSI Scanner MT4 offers a range of customizable settings, including the RSI indicator settings, timeframes to monitor, scan interval, and dashboard layout.

Note: This is an independent product review. The text has been written in the third person and does not contain any references to “our” or “my” product.