RSI Monitor is a free Metatrader 4 indicator that monitors the overbought/oversold RSI values for 9 different time frames.
It will draw a small bullet whenever the RSI values are either oversold or overbought.
The indicator is very reliable, lightweight, and will not slow down your trading platform.
Buy & Sell Trade Example
- Go long when the RSI value is oversold and the market is trending upwards.
- Go short when the RSI value is overbought and the market is trending downwards.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “RSI_Monitor.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the RSI Monitor mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method when trading with the RSI Monitor indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: RSI
Does the indicator repaint? No.
RSI Monitor + Trend Predictor V1.0 Forex Day Trading Strategy
This MT4 day trading strategy combines two effective tools — the RSI Monitor Forex Indicator and the Trend Predictor V1.0 Forex Indicator.
Together, they help traders identify intraday opportunities by merging strength analysis with visual trend confirmation.
The RSI Monitor displays live RSI values across multiple timeframes, allowing traders to spot when markets are overbought or oversold.
The Trend Predictor V1.0 adds clarity by plotting blue and red arrows directly on the chart to signal trend direction changes.
This setup is well-suited for day traders who prefer clean, fast, and reliable signals.
It performs best on the M15 to H1 charts, where intraday price swings offer frequent setups without excessive noise.
By combining momentum data with directional arrows, traders can align entries with high-probability market reversals and trend continuations.
Buy Entry Rules
- Check the RSI Monitor dashboard for RSI values below 30, showing an oversold condition.
- Wait for the Trend Predictor V1.0 to print a blue arrow on your chart.
- Confirm the general trend is bullish or recovering from a recent dip.
- Enter a buy trade once both indicators align.
- Set a stop loss 20–25 pips below the latest swing low.
- Target 40–60 pips or exit when a red arrow appears.
Sell Entry Rules
- Look at the RSI Monitor and confirm RSI values are above 70, signaling an overbought condition.
- Wait for the Trend Predictor V1.0 to show a red arrow on the chart.
- Ensure the market is in a bearish phase or forming a lower high.
- Enter a sell trade when both conditions occur together.
- Place a stop loss 20–25 pips above the last swing high.
- Take profit after 40–60 pips or when a blue arrow appears.
Advantages
- Combines strength analysis and visual trend confirmation for high-accuracy trades.
- RSI Monitor helps filter weak setups by showing multiple time frame alignment.
- Arrows from Trend Predictor make decision-making simple and quick.
- Ideal for day traders seeking 1–3 solid setups per session.
- Helps avoid emotional entries by focusing on clear dashboard signals.
Drawbacks
- Can miss early entries if the RSI condition and arrow confirmation occur with a delay.
- Performance drops in ranging markets where price frequently whipsaws.
- Arrows may appear late during high volatility or during major news events.
- Requires monitoring several pairs and timeframes, which can be demanding for beginners.
- Not suitable for long-term trading since signals are short-lived and designed for day setups.
Example Case Study 1
On the EUR/USD M30 chart during the London session, RSI readings on the Monitor dashboard dropped below 25, signaling heavy oversold conditions.
Shortly afterward, the Trend Predictor V1.0 displayed a blue arrow at 1.0730.
A buy trade at 1.0732 with a 25-pip stop loss was opened.
The price climbed steadily to 1.0788 within two hours, producing a gain of 56 pips before a red arrow appeared, signaling exit.
Example Case Study 2
On GBP/USD H1, the RSI Monitor showed RSI values above 75 across several timeframes, suggesting an overbought scenario.
The Trend Predictor then printed a red arrow at 1.2835.
A sell entry at 1.2832 with a 25-pip stop loss was placed.
The price dropped to 1.2780 before stabilizing, yielding 52 pips in profit as RSI values normalized near 50, indicating the end of the downward move.
Strategy Tips
- Use this method during active sessions like London or New York for stronger price action.
- Focus on major pairs such as EUR/USD, GBP/USD, and USD/JPY for consistent liquidity.
- Wait for both signals — RSI condition first, then arrow confirmation — before entering.
- Avoid overlapping trades across correlated pairs to reduce exposure.
- Secure partial profits once the trade moves 30 pips in your favor.
- Stay out of the market during major news announcements that can distort RSI readings.
By combining the RSI Monitor Forex Indicator with the Trend Predictor V1.0 Forex Indicator, this MT4 day trading strategy offers a smart balance of precision and simplicity.
It gives traders clear visual confirmations backed by momentum data, helping them time intraday entries with confidence and consistency.
