RSI Divergence Indicator MT4

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Introduction​

RSI Divergence Indicator MT4 has been discussed extensively in trading circles. With a user rating of 4.67, it seems to have caught the attention of the trading community. However, as a professional trader and MQL5 programmer, I remain skeptical until proven otherwise. This article will delve into the functionalities, performance, and user feedback of this indicator.

Description of Functions​

The RSI Divergence Indicator MT4 offers several core functionalities:

• Adjustability: Allows users to modify parameters to fit their trading strategy.
• Divergence Detection: Identifies bullish and bearish divergences between price and RSI.
• Visual Alerts: Provides alerts on the chart for easy identification.
• Backtesting Capability: Users can test the indicator under historical data to verify its effectiveness.
• Compatibility: Specifically designed for MetaTrader 4 platform.

Analysis of Results​

According to user reviews and performance data available at forexroboteasy.com, the results during the last year have been a mixed bag. While some users like workerbee61 sing high praises for its adjustability and effectiveness, others like mrteza81-gmail highlight critical issues like non-functionality during the retest. Overall, the indicator seems to perform adequately, but with room for improvement.

Pros and Cons​

Pros:

• Adjustability: Allows traders to fine-tune parameters to match their strategies.
• User-Friendly: Easy-to-understand visual alerts and interface.
• Effective Divergence Detection: Successfully identifies divergence patterns.

Cons:

• Inconsistent Performance: Issues during backtesting as highlighted by some users.
• Limited to MT4: Not available for other trading platforms.
• Mixed Reviews: User experiences vary, indicating inconsistent performance.

Conclusion​

While the RSI Divergence Indicator MT4 has garnered positive reviews for its adjustability and ease of use, its inconsistent performance during retests raises questions. Traders should remain cautious and conduct thorough backtests before relying heavily on this tool.

Source Code for RSI Divergence Indicator MT4​

The actual source code of the original RSI Divergence Indicator MT4 sold on MQL5 is not publicly available. However, based on its description, our team at EASY Trading Team can create a similar code. Feel free to reach out if you have any questions or need guidance.

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Download RSI Divergence Indicator MT4 - Free Version Available​

For those interested in trying out a version of the RSI Divergence Indicator MT4, you can download a similar example from easytradingforum.com. Remember, this is an illustrative code based on its description, not the original product sold on MQL5. Our team does not sell the RSI Divergence Indicator MT4. If you have any questions about the code, don't hesitate to ask on our forum.