RSI candles show momentum as bars; this version shows the H4 view while you trade a lower chart. The RSI candles MTF indicator computes a 14-bar RSI of the H4 open, high, low and close, then draws each H4 candle across every chart bar it covers. Green means RSI closed higher than it opened.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Separate window |
| Plots | 8: Wick Low, Wick High, RSI Up Open, RSI Up Close, RSI Dn Open, RSI Dn Close, Buy, Sell |
| Alerts | popup, push notification, email, sound |
| Inputs | 12 |
The plots and where they sit
RSI candles and two marks in a pane.
`RSI Up Open` and `RSI Up Close` form green bodies.
`RSI Dn Open` and `RSI Dn Close` form red bodies.
`Wick High` and `Wick Low` draw the RSI wicks.
`Buy` marks sit under the candle.
Guides sit at 30, 50 and 70.
- Wick Low: histogram
- Wick High: histogram
- RSI Up Open: histogram
- RSI Up Close: histogram
- RSI Dn Open: histogram
- RSI Dn Close: histogram
- Buy: arrow, arrow code 233
- Sell: arrow, arrow code 234
The maths behind the plots
Source
`InpTimeframe` `PERIOD_H4` supplies the bars. Each chart bar shows the H4 candle covering its time.
RSI values
`InpPeriod` `14` runs on the H4 open, high, low and close. `InpSmooth` `1` means no extra smoothing.
Marks
A buy prints where the H4 close reading climbs through `InpOversold` `30`. Sells use `InpOverbought` `70`, and `InpCooldown` `5` spaces them.
How to judge the output
Wide flat blocks are single H4 candles.
Green blocks show rising H4 momentum.
Red blocks show falling H4 momentum.
Marks flag H4 zone exits.
The newest block changes until H4 closes.
Warm-up needs about fifteen H4 bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
H4 zone exits report once per chart bar. `EnableAlerts` is the master switch, and the popup is the route switched on at the start.
Every Rsi Candles Mtf Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
InpTimeframe |
Source timeframe (MTF). Source timeframe, `PERIOD_H4`. | PERIOD_H4 |
InpPeriod |
RSI period. RSI length, `14`. | 14 |
InpSmooth |
RSI smoothing (1 = off). Extra smoothing, off at `1`. | 1 |
InpOverbought |
Overbought level. Upper zone, `70`. | 70 |
InpOversold |
Oversold level. Lower zone, `30`. | 30 |
InpCooldown |
Bars between arrows. Bars between marks, `5`. | 5 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master alert switch, `true`. | on |
EnablePopup |
Popup, `true`. | on |
EnablePushNotify |
Mobile route, `false`. | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
Speaker, `false`. | off |
SoundFile |
(see inputs panel) | alert.wav |
Fitting the settings to a market
H4 RSI candles suit M15 and H1 charts. EURUSD H1 is the reference chart, where each block spans four bars. On M15 each block spans sixteen. Set `InpTimeframe` to D1 when you trade H4.
What it handles badly
The current H4 block keeps changing.
Zone exits come late in strong moves.
Wide blocks hide intrabar detail.
Only a popup reports until you add routes.
Copy the compiled Rsi Candles Mtf 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 Mtf Indicator: Relative Strength Index at BabyPips, Candlestick chart on Wikipedia.
Download the Rsi Candles Mtf Indicator for MT4 and MT5
The zip holds the compiled Rsi Candles Mtf 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 do the candles look like wide blocks?
Each chart bar shows the RSI candle of the H4 bar covering its time. Four hourly bars share one H4 candle, so the pane shows it as a wide block.
What does InpSmooth 1 mean?
No extra smoothing. Raise it and the build averages the RSI values over that many H4 bars before drawing, which calms the candles but adds lag.
When does a Buy mark print?
When the H4 close reading moves from below 30 to 30 or above. The mark sits under the RSI candle, and `InpCooldown` keeps the next one five bars away.
Can InpTimeframe match the chart?
It can, and then the pane behaves like the plain RSI candles tool. The point of this build is a slower source, so pick one above your chart.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Rsi Candles Mtf 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
- The core method is documented in Demat account on Wikipedia.
- Additional market context is at Advance Decline Percent 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.