Connors RSI Indicator: Three Readings Averaged Into One

Written by Dominic Walsh · Published 4 Jun 2026 · Last updated 9 Sep 2026

The connors rsi indicator implements the published recipe rather than an approximation. Three separate readings get averaged. A short RSI on price, a short RSI on the up or down streak, and a percent rank of the latest bar change against the last hundred. The mean is the line.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window (levels 10 / 50 / 90)
Plots	3: CRSI, Buy, Sell
Alerts	popup
Inputs	7

What the Connors RSI Indicator draws on the chart

CRSI is the dodger blue line, bounded between 0 and 100.

Reference lines sit at 10, 50 and 90.

Buy places a lime arrow when the line crosses below `BuyThreshold`.

Sell places a red arrow when it crosses above `SellThreshold`.

• CRSI: line, dodger blue, width 2
• Buy: arrow, lime, width 2, arrow code 233
• Sell: arrow, red, width 2, arrow code 234

How the Connors RSI Indicator calculates its values

The price component

iRSI runs at `RsiPeriod` `3` on the close. Three bars is very short by RSI standards, and it is meant to be. This part of the recipe reacts to the last few candles and nothing more.

The streak component

A streak counts consecutive up or down closes as a signed number. Two up closes gives 2, three down closes gives minus 3. RSI then runs at `StreakRsiPeriod` `2` over that series, which measures how unusual the current run is.

The percent rank component

The code takes the bar change over `RocPeriod` `1` bars, then ranks it against the last `PercentRankLook` `100` such changes. A rank of 95 means only five of those hundred moves were larger. All three readings then average into CRSI.

How to read the signals

The line moves faster and further than a plain 14-bar RSI.

Readings below 10 and above 90 are what the recipe is built around.

The streak component means a run of closes matters as much as their size.

Compare against the 50 line for a quick sense of which half the reading sits in.

Alert channels in this build: popup, one message per closed bar.

`EnableAlerts` ships on and raises a terminal popup on a closed signal bar. This build has no push, email or sound channel. The guard permits one message per closed bar, so a line sitting past a threshold cannot repeat.

Every Connors RSI Indicator input

Core settings

Setting	What it does	Default
RsiPeriod	RSI period on close (Connors default = 3). Length of the price RSI, default `3`.	3
StreakRsiPeriod	RSI period on streak (Connors default = 2). Length of the streak RSI, default `2`.	2
PercentRankLook	PercentRank lookback (Connors default = 100). Bars in the percent rank window, default `100`.	100
RocPeriod	ROC inside PercentRank (Connors default = 1). Bars in the change the rank measures, default `1`.	1
BuyThreshold	BUY when CRSI crosses below. Level the line must cross below for a buy, default `10.0`.	10.0
SellThreshold	SELL when CRSI crosses above. Level the line must cross above for a sell, default `90.0`.	90.0

Alert settings

Setting	What it does	Default
EnableAlerts	alert on closed signal bar. Popup on a closed signal bar, default `true`.	on

Settings that fit your chart

The published defaults come from daily equity data, and they travel to forex reasonably well. EURUSD H1 is the reference chart, where `PercentRankLook` at `100` covers about four days. On M5 the whole window shrinks to eight hours. On daily charts it spans five months.

When the Connors RSI Indicator fails

Three fast components make a fast line, so extremes arrive often on short timeframes.

The percent rank compares against a fixed window, so a change in volatility skews it.

A reading below 10 can hold for several bars during a sharp move.

Copy the compiled Connors RSI Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the Connors RSI Indicator for MT4 and MT5

The zip holds the compiled Connors RSI Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does the StreakRsiPeriod component measure?

How unusual the current run of closes is. A streak counts consecutive up or down closes as a signed number, and RSI at `StreakRsiPeriod` `2` runs over that series. Five up closes in a row scores much higher than one.

How does PercentRankLook work?

It ranks the latest bar change against the previous hundred changes. A rank of 95 means only five of those hundred moves were bigger. That turns a raw price move into a figure you can compare across instruments.

Why is RsiPeriod as short as 3 bars?

Because the recipe wants a very fast price component. Three bars reacts to the last few candles and swings hard. The other two components carry the longer view, so a slow RSI here would make the whole reading sluggish.

Should BuyThreshold stay at 10.0?

It matches the published recipe and suits the speed of the line. If your chart never reaches it, raise it toward 20 rather than lengthening the components. Changing the periods moves the whole reading and breaks the comparison with published results.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Connors RSI Indicator as one input. Always backtest before trading live.