Reversal Probability Indicator: RSI 7 Arrows, No Odds

Written by Dominic Walsh · Published 8 Jul 2026 · Last updated 18 Sep 2026

The reversal probability indicator draws arrows, not odds. An internal RSI runs at `RsiPeriod` `7`. A bullish bar with that reading at or below `OversoldLevel` `35` earns a buy mark. The mirror test fills the sell side.

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	Main price chart
Plots	2: Reversal RSI Buy, Reversal RSI Sell
Alerts	popup, push notification, email, sound
Inputs	9

Reading the drawn elements

Two arrow plots sit on the price chart. Nothing else gets drawn.

`Reversal RSI Buy` uses arrow code 233 in medium spring green.

`Reversal RSI Sell` uses code 234 in lawn green.

Each mark sits half a bar range away from the candle it belongs to.

• Reversal RSI Buy: arrow, medium spring green, arrow code 233
• Reversal RSI Sell: arrow, lawn green, arrow code 234

Working it out

The RSI runs inside the file

No call to iRSI appears here. The code builds its own gain and loss averages at `RsiPeriod` `7`. Seven bars is a short window, so the reading swings fast.

Two tests decide a mark

A buy needs a bullish candle plus a reading at or below `OversoldLevel` `35`. A sell needs a bearish candle plus a reading at or above `OverboughtLevel` `65`. Both tests read the same bar.

Nothing here estimates probability

The name says probability. Yet the code counts no outcomes and keeps no record of past marks. Treat the arrows as a threshold flag, which is what they are.

Reading day to day

An arrow says the reading hit a level on a bar that closed the matching way.

Both arrow colours sit in the green range, so read direction from the code shape.

A run of marks means the reading parked at one end.

`RsiPeriod` `7` fires far more often than the usual fourteen.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` ships on and `EnablePopup` handles the terminal dialog. `EnablePushNotify`, `EnableEmail` and `EnableSound` start false. `SoundFile` names the clip. The guard reads a closed bar, so you get one message per bar.

Every Reversal probability Indicator input

Core settings

Setting	What it does	Default
RsiPeriod	Bars in the internal reading, default `7`.	7
OversoldLevel	Lower threshold for a buy mark, default `35`.	35
OverboughtLevel	Upper threshold for a sell mark, default `65`.	65

Alert settings

Setting	What it does	Default
EnableAlerts	Gate for every alert route here, default `true`.	on
EnablePopup	Dialog inside the terminal when an arrow prints, default `true`.	on
EnablePushNotify	Notification to the MetaTrader mobile app, default `false`.	off
EnableEmail	Message to the address set in the terminal, default `false`.	off
EnableSound	Plays the file below when an arrow prints, default `false`.	off
SoundFile	Name of that file, default `”alert.wav”`.	alert.wav

Markets and timeframes

A short reading suits an active chart. EURUSD H1 is the reference chart, where `RsiPeriod` `7` covers seven hours. On M5 the marks arrive in clusters. Daily bars thin them out to a handful across a year.

The catch

A threshold flag says nothing about what follows it.

`OversoldLevel` `35` is loose for a seven-bar reading, so quiet ranges fill with marks.

Both plots use a green, which makes a printed screenshot hard to read.

Copy the compiled Reversal probability 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.

Background reading on the method behind the Reversal probability Indicator: Buyout on Wikipedia, S And P 500 Sector And Industry Groups at StockCharts ChartSchool.

Download the Reversal probability Indicator for MT4 and MT5

The zip holds the compiled Reversal probability 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 RsiPeriod at 7 change?

It sets how many bars the internal reading covers. Seven is half the usual fourteen, so the reading reaches both ends far more often. Raise it and the marks thin out. Lower it and almost every swing triggers one.

Why do both arrow plots use green?

That comes from the colour choices in the source, and it pays to know before you screenshot a chart. `Reversal RSI Buy` uses medium spring green while `Reversal RSI Sell` uses lawn green. The arrow code differs, so the shape tells you the side.

Does OversoldLevel 35 measure probability?

No. It is a threshold, nothing more. The file keeps no record of what happened after previous marks, so no odds exist anywhere in the code. The name oversells the tool, and reading it as a flag keeps expectations honest.

How far from the candle does Reversal RSI Buy sit?

It scales with the candle. The buffer takes the low and drops half the bar range below it. A wide bar therefore pushes the mark out, while a narrow one tucks it in close. No point setting exists for this.

Are results guaranteed?

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