The "Multi-Timeframe RSI System" is a trading strategy that utilizes Relative Strength Index (RSI) indicators from multiple timeframes to provide buy and sell signals.
The TradingView Indicator allows for extensive customization, supporting up to three distinct RSIs, each configurable with its own timeframe, length, and data source.
HOW DOES IT WORK
(You will need a free Trading View account to use the MTF RSI indicator I show in the system. However, you don't need Trading View to trade the system. You will have to find another MTF RSI indicator on MT4/5 or manually skim through time frames)
This strategy integrates up to three RSIs, each selectable from different timeframes and customizable in terms of length and source. Users have the flexibility to define the number of active RSIs.
Users can also manage the moving average of the selected RSI lines. When multiple RSIs are active, the moving average is calculated based on these active lines' average value.
SETUP
(Sometimes a signal will print many candles in a row while the htf is OS/OB. Wait for a few candles to stop printing before entering a trade)
A buy or sell signal is generated when all active RSI lines simultaneously cross their respective threshold lines. Concurrently, a label will appear on the chart to signify the order placement.
By default the system uses 3 timeframes: M15, M30, and H1. 70 and 30 for threshold, and 14 for the period.
After a signal appears, traders will manually draw a trendline as long and clean as they can. This will be the profit target for the trade. Stop loss will be placed at the swing point (avoid placing too tight for stop hunts). You can choose to exit when price hits target trendline (dynamic stop loss) or bracket order stop loss (fixed)
If a major trendline has recently been broken, or there's no major trendline to target, AVOID TRADING. (use common sense)
The TradingView Indicator allows for extensive customization, supporting up to three distinct RSIs, each configurable with its own timeframe, length, and data source.
HOW DOES IT WORK
(You will need a free Trading View account to use the MTF RSI indicator I show in the system. However, you don't need Trading View to trade the system. You will have to find another MTF RSI indicator on MT4/5 or manually skim through time frames)
This strategy integrates up to three RSIs, each selectable from different timeframes and customizable in terms of length and source. Users have the flexibility to define the number of active RSIs.
Users can also manage the moving average of the selected RSI lines. When multiple RSIs are active, the moving average is calculated based on these active lines' average value.
SETUP
(Sometimes a signal will print many candles in a row while the htf is OS/OB. Wait for a few candles to stop printing before entering a trade)
A buy or sell signal is generated when all active RSI lines simultaneously cross their respective threshold lines. Concurrently, a label will appear on the chart to signify the order placement.
By default the system uses 3 timeframes: M15, M30, and H1. 70 and 30 for threshold, and 14 for the period.
After a signal appears, traders will manually draw a trendline as long and clean as they can. This will be the profit target for the trade. Stop loss will be placed at the swing point (avoid placing too tight for stop hunts). You can choose to exit when price hits target trendline (dynamic stop loss) or bracket order stop loss (fixed)
If a major trendline has recently been broken, or there's no major trendline to target, AVOID TRADING. (use common sense)
