RSI Paint Indicator Details
Installation for Metatrader 4:
1. Place the rsipaint.ex4 file in the Metatrader 4 ‘Indicator’ folder. The ‘Indicator’
folder is located in the ‘Experts’ folder.
2. Restart Metatrader 4.
3. Open the ‘Navigator’ window and locate the RSI Paint file under the ‘Custom
Indicators’ menu.
4. Double click the file and a dialog box will appear.
5. Click ‘OK’ and the RSI Paint Indicator will paint all of the reversals and divergences
for the last 360 periods.
6. To adjust the indicator inputs, go to the edit portion of the indicator box and make
changes.
General Parameters:
RSI_Period=14 RSI(14) is the standard indicator to base strategy on
Show_Divergences=true Paints the positive and negative divergences
Hide_RSI_Line=false If true, will not paint the RSI line
Show_10_90=true Manually draw in horizontal lines at 10 and 90
RenderBars=1000 Calculate and paint PR/NR/PD/ND lines this many bars
back
IndicatorWindow=1 If the indicator is not in the first indicator window
under the main price chart, set the ID here
PR/NR Trade Parameters:
stop_pad=10 When calculating stop loss value, deepen stop by this
amount
tp_limit=500 If this value is greater than 0, then limit TP to this
many PIPs
PR/NR Filters:
Max_RPV_Bars=360 Maximum number of previous bars to evaluate while
looking for a reversal or divergence
Min_RPV_Bars=2 Number of previous bars to skip before looking for a
reversal or divergence from the point a peak or valley
formed
Min_RPV_Size=0 Minimum height/depth of RSI peak/valley to be
considered valid
Max_RSI_PR=50 RSI must be less than or equal to this when confirming
a PR
Min_RSI_PR=0 RSI must be greater than or equal to this when
confirming a PR
Max_RSI_NR=100 RSI must be less than or equal to this when confirming
a NR
Min_RSI_NR=50 RSI must be greater than or equal to this when
confirming a NR
Max_RSI_Slope=10 Maximum slope of RSI slope line per bar
Min_RSI_Slope=0 Minimum slope of RSI slope line per bar
RSI_SC_Pad=0 Value used to take into account thickness of slope line
drawn to check pierce condition
Min_RRR=0 Minimum reward to risk ratio that will show a PR/NR
for
Alert Preferences:
Reversal_Alerts_Enabled=true Play a sound upon confirmed reversal
event
Reversal_Alert_Sound=[Link] Pick which sound to play
Reversal_Alerts_HowManyTimes=1 Pick how many times to play sound
Divergence_Alerts_Enabled=true Play a sound upon confirmed divergence
event
Divergence_Alert_Sound=[Link] Pick which sound to play
Divergence_Alerts_HowManyTimes=1 Pick how many times to play sound
Color Code: