A single RSI line hides how far momentum stretched within the bar. The RSI candles indicator runs a separate 14-bar RSI on the open, the high, the low and the close, then draws those four readings as a candle in its own pane. Green candles close higher in RSI terms, red ones lower.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Separate window (levels 30 / 50 / 70) |
| Plots | 7: RSI Candle (bull), RSI Candle (bear), RSI Close, RSI High, RSI Low, RSI Candles Buy, RSI Candles Sell |
| Alerts | popup, push notification, email, sound |
| Inputs | 11 |
Its visible parts
RSI candles, three lines and two marks in a pane.
`RSI Candle (bull)` bodies fill green.
`RSI Candle (bear)` bodies fill red.
`RSI High` and `RSI Low` trace the wicks.
`RSI Candles Buy` sits just under the RSI low.
`RSI Candles Sell` sits just over the RSI high.
- RSI Candle (bull): histogram
- RSI Candle (bear): histogram
- RSI Close: line
- RSI High: line
- RSI Low: line
- RSI Candles Buy: arrow, arrow code 233
- RSI Candles Sell: arrow, arrow code 234
The inner steps
Four RSIs
`InpPeriod` `14` applies Wilder’s averaging to opens, highs, lows and closes separately. Each gets its own reading.
Candle
The open and close readings form the body; the high and low readings form the wicks. Colour follows the close against the open.
Marks
A buy prints when the close reading climbs back above `InpOS` `30.0`. A sell prints when it drops back under `InpOB` `70.0`.
What you are looking at
Long upper wicks show momentum spikes that faded.
Green bodies above 50 show strength.
Marks flag exits from the extreme zones.
`InpCooldown` `3` spaces same-side marks.
`InpArrowOffset` `3.0` keeps marks off the wicks.
Warm-up needs about fifteen bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Zone exits of the close reading report through `InpEnableAlerts`. The pop-up and the sound playing `InpSoundFile` start on; the mobile and email routes do not.
Every RSI Candles Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
InpPeriod |
RSI period (applied to O/H/L/C). RSI length for all four prices, `14`. | 14 |
InpOB |
Overbought level. Upper zone, `70.0`. | 70.0 |
InpOS |
Oversold level. Lower zone, `30.0`. | 30.0 |
InpCooldown |
Bars between same-side arrows. Bars between same-side marks, `3`. | 3 |
Display settings
| Setting | What it does | Default |
|---|---|---|
InpArrowOffset |
Arrow gap in RSI points. Mark gap in RSI points, `3.0`. | 3.0 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
InpEnableAlerts |
Master alert switch. Master alert switch, `true`. | on |
InpEnablePopup |
Pop-up alert. Pop-up, `true`. | on |
InpEnablePush |
Push notification. Mobile route, `false`. | off |
InpEnableEmail |
Email alert. Email route, `false`. | off |
InpEnableSound |
Sound alert. Sound, ships on, `true`. | on |
InpSoundFile |
(see inputs panel) | alert.wav |
Getting the chart right
RSI candles read the same on any liquid chart. EURUSD H1 is the reference chart, with a zone exit every day or two. On M15 wicks show intrabar spikes clearly. On D1 the candles summarise a week of momentum.
What it cannot do
Four RSIs share one period, so they move together.
Zone exits come late in strong moves.
Wicks can look dramatic on quiet bars.
The sound route ships on.
Copy the compiled RSI Candles 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 RSI Candles Indicator: Relative Strength Index at BabyPips, Candlestick chart on Wikipedia.
Download the RSI Candles Indicator for MT4 and MT5
The zip holds the compiled RSI Candles 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.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
Why run InpPeriod 14 on the high and low as well?
The high and low readings show how far momentum stretched inside the bar. A long upper wick means RSI of the highs spiked while RSI of the closes did not follow.
What colours an RSI Candle (bull) green?
A close reading above the open reading. It works like a normal candle, only drawn in RSI units instead of price, so a green body means momentum rose over the bar.
Which close reading triggers RSI Candles Buy?
On the bar where the close reading moves from 30 or below to above 30. The mark flags the exit from the oversold zone, not the dip into it.
Does InpCooldown 3 affect both sides at once?
No. Each side counts separately. A buy blocks another buy for three bars, but a sell can still print on the next bar if the close reading leaves the upper zone.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the RSI Candles Indicator as one input. Always backtest before trading live.
Category: this is part of our Oscillators collection. Browse more Oscillators for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- Learn more about the underlying method in Datenna on Wikipedia.
- For wider market background, see Wyckoff Market Analysis at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.