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RSI Multi Time Frame Indicator/System

  • #1
  • First Post: Nov 24, 2017 8:22am Nov 24, 2017 8:22am
Hey Guys,

I am happy to share with you my latest indicator that I have developed. It's called the OGT RSI Multi Time Frame Indicator.

The indicator provides an early warning indication that price MAY be about to reverse. It looks to see if the RSI is OB/OS on multiple time frames. The RSI can be customised to suit your trading needs.

You can also set how many additional time frames to check using the higer_TF_quantity input. For example if this was set to 2 then it would check the current time frame and the next 2 higher time frames.

Example: Current time frame = M5, it would only provide a signal when the M5, M15 and M30 are OB/OS simultaneously. The more time frames you select the less signals the indicator will provide.

I have created a tutorial video below that walks you through the indicator settings and all the signals it provided in November 2017 on the M5 EUR/JPY chart.

Please provide feedback on how I can improve this indicator and provide better quality signals.

-------DOWNLOADS AND TUTORIALS-------

OGT RSI MTF Indicator v1.0 Download & Tutorial

Inserted Video

Attached File(s)
File Type: ex4 OGT RSI MTF Indicator.ex4   13 KB | 6,288 downloads

I also refer to the OGT Price Action Indicator in the video which can be downloaded here: https://www.forexfactory.com/showthread.php?t=707057
Never stop investing. Never stop improving. Never stop doing something new
  • #2
  • Nov 29, 2017 4:01pm Nov 29, 2017 4:01pm
Been watching the EUR/USD on M5 recently. Attached is the last signal the indicator gave. It does give you the early warning that price is about change direction. For this indicator to be useful it's all about the timing which I have still working on. Be good to get your guys thoughts.

Attached Image (click to enlarge)
Click to Enlarge Name: rsimtf eurusd 2911117.png Size: 54 KB
Never stop investing. Never stop improving. Never stop doing something new
  • #3
  • Nov 29, 2017 4:44pm Nov 29, 2017 4:44pm
Hi Zoheb
I like this indicator...quite the arsenal your building.
the above chart you posted was 30 min. but you were discussing 5 min

Chris
  • #4
  • Nov 29, 2017 4:48pm Nov 29, 2017 4:48pm
Quoting cfudge
Hi Zoheb I like this indicator...quite the arsenal your building. the above chart you posted was 30 min. but you were discussing 5 min Chris
Thanks Chris for correcting me! Yes I do mean the M30, I did originally start looking at the M5 but felt the it was too short of a TF.

I've got a list of ideas for indicators - looking for feedback from the guys here on which ones I should be focusing my time on.
Never stop investing. Never stop improving. Never stop doing something new
  • #5
  • Nov 29, 2017 4:53pm Nov 29, 2017 4:53pm
I was thinking for me , trading daily charts, I would like to set the RSI OB/OS level for all three TF.
So maybe daily is 70 30 weekly 80 20 and monthly 85 95 or something.
What do you think...

I am thinking that this would give a very accurate high or low to look to enter on daily.

Chris
  • #6
  • Nov 30, 2017 7:03am Nov 30, 2017 7:03am
Quoting cfudge
I was thinking for me , trading daily charts, I would like to set the RSI OB/OS level for all three TF. So maybe daily is 70 30 weekly 80 20 and monthly 85 95 or something. What do you think... I am thinking that this would give a very accurate high or low to look to enter on daily. Chris
It would not. Test it.
  • #7
  • Nov 30, 2017 7:19am Nov 30, 2017 7:19am
What the heck, I will test it for you, instead fantasizing Eurusd is good enough example? Btw, you are member of this forum for last 4 years, right?

1-Month chart of eurusd. According to your system when RSI 14 is beyond 80/20 (specific values does not matter much), you would consider entries. On 1-Month chart practically you has only 2 periods of that opportunity to last 25 years - can you see already problem here?

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 115 KB


Then we zoom in to 1-Week chart. I cannot get period around 1991. But here is zoomed period of 2008. As you can see, technically you would have to skip your opportunity, as RSI never went above 80. There is also a second problem with that period on weekly chart. I will leave it for you to figure it out.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture2.PNG Size: 111 KB


But lets assume you are persistent and go down for daily chart, and look for entries there, in line with monthly and partially weekly bias - RSI is close to extreme on both. As you can see, you have 1 shot on daily, with this system. One in 25 years

Attached Image (click to enlarge)
Click to Enlarge Name: Capture3.PNG Size: 201 KB


The question is this: how quickly would you chicken out after you make your one-in-25-years entry???

Do you see my point?
  • #8
  • Nov 30, 2017 7:28am Nov 30, 2017 7:28am
Btw, it took me 16 minutes to do analysis for you including nice 3 charts with markups and writing response. Would it better to do that, rather then thinking about doing and writing posts about thinking about doing?
  • #9
  • Nov 30, 2017 10:35am Nov 30, 2017 10:35am
Fair enough...I was only thinking out loud and suggesting that it would be nice to have the option to choose different RSI levels for different TFs.
I did think that I had it backwards and the higher RSI level should be on the lower TF, otherwise, like you say, there will be very few signals.
Also, I like to use RSI 3 on higher TFs, just a tip I picked up a while ago.
So I have had time to look at this and a few things have become apparent. I have set a 200SMA on the monthly chart and when RSI 3 gets above 70 we move to weekly and wait for RSI 3 to get above 80 and then go to daily and wait for RSI 3 to get above or touch the 90. We sell on close of this candle and set TP at 8 pips.
Yes 8 pips, that is what I do, not to everyones taste.
Here is recent EURUSD daily chart with an example. Please feel free to let me know if I have under thought this.
Chris
Attached Image (click to enlarge)
Click to Enlarge Name: idea2.jpg Size: 210 KB
  • #10
  • Nov 30, 2017 11:02am Nov 30, 2017 11:02am
There is no indicator in the world that could show you real OB, OS situations of currency. It just does not exist. Its just a tool to play with and fantisize.
  • #11
  • Nov 30, 2017 2:36pm Nov 30, 2017 2:36pm
Quoting cfudge
Here is recent EURUSD daily chart with an example. Please feel free to let me know if I have under thought this. Chris {image}
You will loose money with this approach

Let me ask you other question: how many times on your chart, when your RSI hit 90, was it a sign of reversal and how many times was it a sign of price momentum?

Additional question: RSI is abbreviation of?

BTW: "tips" are irrelevant. What matters are facts. And you establish facts by analyzing data and finding statistical truth. Dont believe anything anybody tells you. Particularly on this forum. Test it and find yourself.

https://www.amazon.com/Talent-Overra.../dp/1591842948
  • #12
  • Nov 30, 2017 5:32pm Nov 30, 2017 5:32pm
TP at 8 pips
This is the important bit
  • #13
  • Dec 1, 2017 5:56am Dec 1, 2017 5:56am
Quoting cfudge
TP at 8 pips This is the important bit
More important bit is where is your stop loss
  • #14
  • Edited Dec 2, 2017 12:08am Dec 1, 2017 11:43pm | Edited Dec 2, 2017 12:08am
hi nice indicator.is it possible to create one indicator like if 3 rsi for example period 9,14,20 cross from below and above 50 than green histogram opposite red histogram and print arrow on chart ..i always like to play with RSI (my favorite)
you can check my thread
https://www.forexfactory.com/showthread.php?t=556504
Attached Image (click to enlarge)
Click to Enlarge Name: 3 rsi alert.png Size: 60 KB
Say something meaningful or Silence!!
  • #15
  • Dec 2, 2017 6:07pm Dec 2, 2017 6:07pm
Quoting cfudge
I did think that I had it backwards and the higher RSI level should be on the lower TF, otherwise, like you say, there will be very few signals.
You think or you know that for a fact? Big difference
  • #16
  • Dec 3, 2017 4:31pm Dec 3, 2017 4:31pm
Thanks all for your contribution to this thread. I have already started scoping out v1.1. My longer terms vision is to include divergence with MTF RSI OB/OS to provide a high probability of a reversal (at least in the short term).

Watch this space!
Never stop investing. Never stop improving. Never stop doing something new
  • #17
  • Dec 3, 2017 6:07pm Dec 3, 2017 6:07pm
Hi Zoheb
By MTF RSI are you referring to what I had suggested a few posts back, whereas we could set different levels for different TFs and get an alert once all three cross those levels.
Because that would be great. I have set up all 29 charts this weekend with the following scenarios;
Monthly chart with a 200 ema and RSI levels of 70 and 30 Only look for trades on lower TFs for sell under 200 and buys if over 200
Weekly chart RSI levels of 80 and 20
Daily chart RSI levels of 90 and 10
After going thru all those charts and over 100 trades of TP 8 pips and no SL, I found no losers yet.
Chris
  • #18
  • Dec 6, 2017 6:20am Dec 6, 2017 6:20am
Quoting cfudge
Hi Zoheb By MTF RSI are you referring to what I had suggested a few posts back, whereas we could set different levels for different TFs and get an alert once all three cross those levels. Because that would be great. I have set up all 29 charts this weekend with the following scenarios; Monthly chart with a 200 ema and RSI levels of 70 and 30 Only look for trades on lower TFs for sell under 200 and buys if over 200 Weekly chart RSI levels of 80 and 20 Daily chart RSI levels of 90 and 10 After going thru all those charts and over 100 trades of TP...
I could potentially do something like this:

User can select up to 3 time frames (first time frame must be current).
For each TF the user can select their own RSI period and OB/OS levels and whether its applied to close or not.
When all three TF meet condition together then signal is provided.

Will not take into account the EMA.

Does this work?
Never stop investing. Never stop improving. Never stop doing something new
  • #19
  • Dec 6, 2017 6:22am Dec 6, 2017 6:22am
Quoting classy
hi nice indicator.is it possible to create one indicator like if 3 rsi for example period 9,14,20 cross from below and above 50 than green histogram opposite red histogram and print arrow on chart ..i always like to play with RSI (my favorite) you can check my thread https://www.forexfactory.com/showthread.php?t=556504 {image}
Looks nice. Is this indicator not already created?
Never stop investing. Never stop improving. Never stop doing something new
  • #20
  • Dec 6, 2017 8:44am Dec 6, 2017 8:44am
Quoting zoheb01
{quote} I could potentially do something like this: User can select up to 3 time frames (first time frame must be current). For each TF the user can select their own RSI period and OB/OS levels and whether its applied to close or not. When all three TF meet condition together then signal is provided. Will not take into account the EMA. Does this work?
Perfect I would like to test it.
Chris
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