The RSI Market Watch Scanner Alert indicator for Metatrader 4 scans all symbols in the market watch window for overbought and oversold market conditions.
It alerts you in real-time when it finds symbols that reaches the 70 overbought value or the 30 oversold value.
The indicator runs in the background (running…) and the alert window will popup up to show you all alerts.
After you have downloaded and installed the indicator on the MT4 trading platform, it should look like the image shown below.
Key Features
- Scans for overbought/ oversold market conditions
- Based on the RSI indicator
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system.
Free Download
Download the “RSI_Scanner.mq4” MT4 indicator
Indicator Example Chart
The EUR/USD 1-hour chart below shows the RSI Market Watch Scanner Alert indicator in action.
Basic Trading Signals
BUY:
- A buy signal is given when the RSI value is oversold (30) and the overall trend is upward.
- Place a stop loss below support.
- Exit the buy trade for a predetermined profit target or wait for the overbought RSI value.
SELL:
- A sell signal is given when the RSI value is overbought (70) and the overall trend is downward.
- Place a stop loss above short-term resistance.
- Exit the sell trade for a predetermined profit target or wait for the oversold RSI value.
Download Now
Download the “RSI_Scanner.mq4” MT4 indicator
RSI + EMA Trend-Following Strategy
This strategy combines the RSI Market Watch Scanner with a 50-period Exponential Moving Average (EMA) to identify high-probability entries in the direction of the prevailing trend.
It’s designed for traders who want to use RSI alerts more effectively within a trend-trading framework.
Required Indicators
- RSI Market Watch Scanner (downloaded from this page)
- 50 EMA (default MT4 indicator)
Timeframes
Best used on H1 and H4 charts for more reliable signals. Works on major forex pairs and indices.
Buy Entry Rules
- Price must be above the 50 EMA (indicating an uptrend).
- RSI Market Watch Scanner alerts when RSI crosses above 30 or 50, showing rising momentum.
- Enter a buy trade on the next candle after both conditions are confirmed.
Sell Entry Rules
- Price must be below the 50 EMA (indicating a downtrend).
- RSI Market Watch Scanner alerts when RSI crosses below 70 or 50, showing declining momentum.
- Enter a sell trade on the next candle after both conditions are confirmed.
Stop Loss and Take Profit
- Stop Loss: Place it below the recent swing low (for buys) or above the recent swing high (for sells).
- Take Profit: Target a 1:2 risk-reward ratio or trail the stop using a 20 EMA for dynamic exits.
Why This Strategy Works
Using the RSI Market Watch Scanner allows you to scan multiple pairs for momentum shifts.
By combining this with the trend direction from the 50 EMA, you filter out counter-trend signals and increase the likelihood of successful trades.
Adjustable Parameters & Settings
Time frame to use for RSI, RSI high used for alert (70), RSI low used for alerts (30), show popup alert, send alert to phone.
Feel free to explore the indicator’s different parameters and settings to create your personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: RSI scanning tool
How to install the RSI Scanner Alert indicator in Metatrader 4?
- Copy and paste the RSI_Scanner.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
