First RSI Level Indicator for MT4 and MT5

Written by Dominic Walsh · Published 5 Jun 2026 · Last updated 9 Sep 2026

Support and resistance usually get drawn on price. The first rsi level indicator draws one on the reading instead. After the reading leaves an extreme, the value where it first turned becomes a level and holds there. Later visits to that same value, within a tolerance, earn a mark.

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 30 / 50 / 70)
Plots	4: RSI, FirstLevel, BuyBounce, SellBounce
Alerts	popup
Inputs	3

What the First RSI Level Indicator draws on the chart

Two lines and two marks in the pane.

`RSI` runs dodger blue at width 2.

`FirstLevel` runs orange at the remembered value.

`BuyBounce` uses arrow 233 in lime.

`SellBounce` uses arrow 234 in red.

Levels sit at thirty, fifty and seventy.

• RSI: line, dodger blue, width 2
• FirstLevel: line, orange, width 2
• BuyBounce: arrow, lime, width 3, arrow code 233
• SellBounce: arrow, red, width 3, arrow code 234

How the First RSI Level Indicator calculates its values

The reading

iRSI supplies it. `InpRSIPeriod` `14` is the window and the close is the price. That part is entirely standard.

Remembering a level

An extreme locks the state. After the reading leaves that zone, the value where it first turns becomes the level, and the orange line holds it flat from there.

Marking a bounce

Three bars decide it. The reading has to come within `InpBounceTol` `1.5` points of the level, and the bars either side must both sit higher for a buy.

How to read the signals

The orange line is a level on the reading, not on price.

A mark says the reading turned at that same value again.

The level only changes after a new extreme.

A tolerance of 1.5 points is tight on a fast chart.

Marks sit four points off the reading so they stay legible.

No orange line means no level has been set yet.

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

`InpAlertsOn` is the single alert control and ships true. It raises a terminal message when a bounce prints on a closed bar. This build carries no phone, mail or sound route at all.

Every First RSI Level Indicator input

Core settings

Setting	What it does	Default
InpRSIPeriod	RSI period. Bars in the reading, `14`.	14
InpBounceTol	Bounce tolerance (RSI points). How close a bounce must land, `1.5`.	1.5

Alert settings

Setting	What it does	Default
InpAlertsOn	Enable alerts on bounces. Alert on a bounce, `true`.	on

Settings that fit your chart

The idea needs a reading that revisits its own levels, which takes a chart with structure. EURUSD H1 is the reference chart. Levels there hold for a day or two. On M5 they get replaced constantly. On H4 each one lasts a week.

When the First RSI Level Indicator fails

A level on the reading is a weaker idea than one on price.

The bounce test needs the next bar, so it arrives late.

One extreme can lock a level that never gets revisited.

A tight tolerance misses a near miss that mattered.

Copy the compiled First RSI Level 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 First RSI Level Indicator for MT4 and MT5

The zip holds the compiled First RSI Level 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 sets the FirstLevel line?

The reading at its first turn after leaving an extreme zone. Until that happens no level exists and the orange line stays blank, which is why a fresh chart can show nothing for a while.

How tight is InpBounceTol 1.5?

Tight. The reading has to come within one and a half points of the remembered level, so a visit that stops two points short prints nothing. Widening it catches more near misses and adds weaker marks.

Why does a BuyBounce need three bars?

Because a turn is only a turn once the next bar confirms it. The bars either side of the candidate must both sit higher, which means the mark cannot appear until the following bar closes.

Does the level move on its own?

No. It holds flat until a new extreme resets the state and a fresh turn sets a new value. That is what makes it a level rather than another moving line in the pane.

Are results guaranteed?

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