RSI and Bands Arrow Alert Indicator: One RSI Line, Four Alert Channels

Written by Dominic Walsh · Published 8 Jul 2026 · Last updated 9 Sep 2026

Read the name carefully, because the build is simpler than it promises. The rsi and bands arrow alert indicator plots one thing: a 9-period RSI line in its own pane. There are no bands and no arrows in this version, despite both appearing in the title. What you do get is a short-period oscillator and a four-channel alert on the overbought and oversold levels.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window
Plots	1: RSI
Alerts	popup, push notification, email, sound
Inputs	9

What the Rsi and bands arrow alert Indicator draws on the chart

RSI is the only plot, an orange line in a separate window below price.

No band lines are drawn, so the overbought and oversold levels exist as inputs rather than as visible lines.

No markers appear either. The alerting is how this build delivers a signal, since nothing is stamped on the chart.

Nothing appears on the price chart itself.

• RSI: plot, orange

How the Rsi and bands arrow alert Indicator calculates its values

Gains against losses over the window

The code walks the window taking diff as close[i – k + 1] minus close[i – k], accumulating the positives into gain and the negatives into loss. rs then takes gain divided by loss when loss is above zero. This is the ratio form of the calculation rather than Wilder’s smoothed recursion, which is worth knowing if you compare it against MetaTrader’s own RSI.

Converting the ratio to a reading

RsiBuf[i] takes 100.0 minus 100.0 divided by (1.0 + rs). When loss is zero the code short-circuits to 100.0 rather than dividing by nothing, which is the standard guard. The output lands on the familiar 0 to 100 scale.

Watching the newest settled bar

latest takes rates_total – 1, and the alert path works from there rather than from the forming candle. `OverboughtLevel` at `70` and `OversoldLevel` at `30` are the thresholds it compares against, so a message follows the reading reaching an extreme on a bar that has finished.

How to read the signals

One line and two thresholds. The levels are numbers in the inputs panel, not lines on screen.

A 9-period RSI swings further and faster than the usual 14, so it reaches 70 and 30 more often.

Because nothing is marked on the chart, the alerts are how you learn a level was reached.

Add MetaTrader’s own RSI alongside if you want the level lines drawn for you.

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

Four channels sit beneath `EnableAlerts`: popup, push notification, email and sound, with `SoundFile` naming the clip. Popup ships enabled and the rest ship off. Since nothing is stamped on the chart, these alerts are the only way the tool tells you a threshold was reached, and the guard limits them to one per closed bar.

Every Rsi and bands arrow alert Indicator input

Core settings

Setting	What it does	Default
Period	The RSI lookback, default `9`, shorter than the conventional 14 and correspondingly livelier.	9
OverboughtLevel	Upper threshold, default `70`. Raise it toward 80 to make alerts rarer.	70
OversoldLevel	Lower threshold, default `30`, mirroring the upper one.	30

Alert settings

Setting	What it does	Default
EnableAlerts	(see inputs panel)	on
EnablePopup	(see inputs panel)	on
EnablePushNotify	(see inputs panel)	off
EnableEmail	(see inputs panel)	off
EnableSound	(see inputs panel)	off
SoundFile	(see inputs panel)	alert.wav

Settings that fit your chart

A short RSI suits instruments that oscillate through the session, which describes the majors on M15 through H1. At a 9-bar lookback the reading turns quickly, so extremes arrive several times a day on those charts. On H4 and daily the same period behaves more like a standard RSI, since each bar covers far more ground.

When the Rsi and bands arrow alert Indicator fails

The name promises bands and markers this build does not draw, which will disappoint anyone expecting a complete signal tool.

A 9-period RSI reaches its extremes often, so alerts arrive frequently and many mark pauses rather than turns.

The ratio form of the calculation differs slightly from Wilder’s smoothed version, so readings will not match MetaTrader’s built-in RSI exactly.

Copy the compiled Rsi and bands arrow alert 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 Rsi and bands arrow alert Indicator for MT4 and MT5

The zip holds the compiled Rsi and bands arrow alert 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

Does the RSI plot come with bands or signal markers?

No, it does not. The build declares a single plot, the RSI line itself. `OverboughtLevel` and `OversoldLevel` exist as numeric inputs the alert logic compares against, not as drawn lines, and there are no marker buffers at all. The name oversells this version, and it is better to know that before installing it.

What does the Period default of 9 change here?

A shorter lookback makes the oscillator swing further and reach its thresholds more often. At `9` the reading responds within a couple of bars, which suits a tool built around alerting. The cost is more frequent extremes, many of which mark a pause in a move rather than a reversal.

Will the readings match MetaTrader’s built-in RSI?

Closely, but not exactly. This build sums gains and losses across the window and takes their ratio directly. Wilder’s original applies a smoothing recursion to those averages instead. The two track each other well and can differ by a point or two, especially just after a sharp move.

How do I see the OverboughtLevel line on my chart?

Add MetaTrader’s own Relative Strength Index in a separate window with matching levels, or add horizontal lines to this indicator’s pane by hand. The values in the inputs panel drive the alerts correctly; they simply have no drawing code behind them in this version.

Are results guaranteed?

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