The cTrader Relative Strength Index (RSI) Indicator can be attributed to J. Welles Wilder, a renowned mechanical engineer who later transitioned into the realm of technical analysis. Read more about this trader on Wikipedia.
The indicator oscillator values are usually calculated over a 14-day timeframe and it displays a range between 0 -100, a reading below 30 suggests oversold market conditions, while a reading above 70 indicates overbought market conditions. Swing traders will often rely on this indicator, seeking indications of diminishing or increasing momentum in the short to medium-term price fluctuations within a market.
How to Use an RSI Indicator?
This is one of the easiest of all the technical indicators, but also very powerful in identifying momentum when a symbol is overbought or oversold, this also helps identify possible price reversals. The Relative Strength Index indicator is one of my personal favourite indicators together with the DiNapoli Stochastic RSI variant.
This indicator is based on the standard cTrader indicator included in the platform, so it uses the same formula, what makes it special is that you can receive instant FREE Telegram alerts to your mobile phone when your symbol is overbought or oversold. If you are not using Telegram then it will also send a simple email, if you need the alert when you are on your PC trading then you can also receive a popup alert.
How to Setup Telegram & Email
We can provide all the information you need to set up a Telegram account and test your credentials using our Telegram & Email Testing Tool, you can download this for free and it will also be included in your account downloads when you purchase this indicator. To receive email alerts using an indicator with cTrader, you must first set up an email account in the platform settings.
There are a few custom settings for this indicator which are shown below, in the indicator settings window you can also change the RSI line colour, thickness and type.
- RSI Periods - the period's value used in the calculation.
- RSI Upper Threshold - The upper level of the RSI line must breach before an alert is activated.
- RSI Lower Threshold - The lower level of the RSI line must breach before an alert is activated.
- Send an Email - choose YES to send emails.
- Email Address - enter the email address where the alert will be sent.
- Display Popup - choose YES to see a pop-up alert.
- Send a Telegram - choose YES to send Telegram messages.
- Bot Token - your Telegram special bot token for the message channel.
- Chat ID - your personal unique chat Id - help to get chat ID.
RSI Trading Robot Starter Kit
If you are looking for an RSI Trading robot complete with source code then visit the web page below, you have two options for purchasing the non-source code version and the version with full source code.
How To Install & Remove
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.
If you have any questions, please first search our product help forum for the answer, if you cannot find it, post a new question.
Need a Broker
If you are still looking for a broker you can trust, take a look at our best cTrader broker site.