BR Rsi Indicator is an mt4 forex indicator that shows the rsi value of the last three candlesticks in red and green dots. This indicator works like a dashboard on the mt4 that displays the values of all the forex currency pairs.
The best feature of this indicator is that you don’t need to switch to different timeframes because the bar rsi indicator will plot red/green dots of each timeframe in a single window.
How does the BR RSI indicator work in mt4?
The indicator consists of many columns and rows. The first column represents the currency pairs of forex, and then the other columns show the different timeframes from lower to higher. Each timeframe comprises three small columns showing the red or green dots in C0, C1, and C2.
- C0 means recent candlestick
- C1 means the previous candlestick
- 2 represents 2nd last candlestick
The red dot indicates that the RSI value is below 50%. It means the trend is bearish. At the same time, the green dot shows a bullish trend.
You can also use the correlation to determine the trend on different correlated currency pairs. GBPUSD and EURUSD are mostly correlated, so if both show a bullish trend on the br rsi indicator, you can open a buy trade.
It’s a perfect multi-timeframe indicator for rsi traders.
Br rsi indicator signals
Here’s the simple method to open a buy or sell trade using this indicator. However, you can also use your method.
Open a sell trade
When the daily, H4, and H1 timeframes show the bearish dots on candlesticks, then open a sell trade and keep it running until the trend changes on the daily timeframe.
Open a buy trade
When the H1, H4, and daily timeframe indicate the bullish or green dots on the candlesticks column, open a buy trade and keep it running until the trend reversal on the daily timeframe.
The bottom line
We highly recommend the br rsi indicator to traders using the rsi trading strategies. It will be easy for them to predict the trend utilizing this indicator in MetaTrader 4.